Sonar Home Studio

If you ask nicely, people might help.
I know it can be done.
Read the manual in the meantime..
 

FWIW "process effect" exists in X1 too. It's simply a different way of applying an effect.

I just want to be able to hear the effect at real time while applying it on an existing audio track (not during recording). That's exactly what I have in the old Sonar Studio X1 (it has both options Insert / Process).
Insert Effects = (not available in Home Studio) plug in pops up on a normal window and you can hear/preview results in real time, and even interfere in audio tracks.
Process Effects = (available in both Studio X1 and Home Studio) plug in pops up on a modal window -- that kind of interface in which you can only click or type in on it until it is closed -- therefore you don't know what you're doing, unless you apply the selected effect by closing the modal window. This is quite different and, at least in my case, useless.
 
 

Home studio works exactly like all current versions as far as this goes.  You put the Effect in the effect bin. What's so different about this? I think this has always been this way. 

 
For $50 you get Sonar without the frills. As far as working with VST's and effects it's the same minus the Pro Channel. 
Being the owner of a full version of Sonar I have a good grasp on Home Studios short comings. And this is not one of them. There are many menu items missing, some understandable, others a small mystery, like the  event list and synth rack, but I've yet run into a brick wall for creating songs.  
I can understand getting frustrated at learning any new DAW but that's doing yourself a disservice. Take a deep breath, ask questions on the forum ( politeness goes further) and RTFM. Eventually you'll see it was a bargain.  

probably
http://forum.cakewalk.com/FindPost/3588891
shows the fix

That is the display control for the Inspector. It is similar to the modules menu in the Console view. Your track view image above still shows the Track Control Manager drop down. The image in the post I linked is probably from X3 but the drop down has been in the same place with the same key bindings since X1.

heberjorge
Forty nine bucks thrown away! How can a creature blindly apply effects on audio tracks? That's what the option Process Effect offers... Where is the Insert Effect option that exists in my old SONAR X1 version?
Good Bye!

"What's the fella's name on second"
"That's right"
"What is"
"You got it"
"Got what?"
"Exactly"
"Exactly is the fella's name on second?"
"No, what is the fella's name on second"
"I don't know"
"He's on third base"
"Who is?"
"Who's on first"
"I don't know"
"Third base!"
 
Makes sense to me.