Using OSX, I want to run, using live sound from iTunes, into a piece of software that processes and manipulates the signal, then route the audio to the output.

I only want to hear the "effected" signal, so I'm assuming I need a way to route iTunes output into soundflower, then take soundflowers output and route it into the software, then take that output and route it back into another channel on soundflower, then take the new channel and send that to my main out, and configure my main outs to go to my speakers;

if someone can give me a clue as how to do this, It would be much appreciated.

Thanks!