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Real-time DSP?

Hi all, I'm new to this list so I hope I'm not treading on long-worn soil.
I have a PII-500, and can't help but wonder WHY I can't use this monster
as my looper / effects processor / everything.
In the state of technology today, is there a piece of software (no hardware
cards or add-ons) that can take a line-in signal and REAL-TIME sample,
loop, and/or process the sound?
This seems to me to be the next logical step in the evolution of music & technology.