I only know of rather expensive professional music products such as Cubase that will do this. Even then, do do real time processing of effects, normally involves having a soundcard with full ASIO driver support. If you have then you can certainly process VST effects in real time.
There are also cheaper products that host VST effects, too, such as Fruity Loops and Acid. Again, to avoid latency, you really need ASIO drivers (as DirectSound is too laggy usually).