Your issue is SOOOO common, I wish there was a sticky post for it.
Certain plugins are simply NOT meant to be used during the recording process, but rather are meant for mixing/mastering.
This is because some plugins either chew up a giant bunch of CPU, OR use a technique called 'look-ahead processing', where they actually are reading the audio data AHEAD of what is actually being processed/played. They do this because it is needed for the kind of effect processing they do - like a Convoluted Reverb.
So, You need to develop an understanding - and make a list - of which of your plugins are ones to avoid using until you are DONE with the recording/tracking portion of the project's process cycle. Find different plugins to use to approximate the effect, where the substitute effects are not themselves ones not meant for recording.
So, in addition to the above, when you are actually doing the recording for the project, you will need to keep your ASIO Buffer Size down low - perhaps 128, so that you aren't hearing a lag between when you play a note and when you hear it while you are recording. If you have a large ASIO Buffer Size while recording, you will have a tough time not going crazy from that kind of lag. (of course, it might be fun to watch your friend struggle through it).
So, when you finish the recording of the tracks, and are ready to move on to mixing/mastering, NOW is where you want to be able to load up the giant foo foo fabulous monster effects and all of that, and so at THIS point, crank up your ASIO Buffer Size to something 1024, or even 2048, if available.
Creating a large ASIO Buffer will give those power hungry and effects with look-ahead processing, enough room to really shine in your project - they will have the 'room' to do their thing.
When mixing/mastering, having a 1/2 second delay from when you hit play until you actually hear something doesn't matter - you aren't trying to play a guitar in synch with the song. Rather, you are applying your effects, fine tuning reverb levels, EQ, side-chaining, etc., and having that ASIO Buffer set large is the key to all of that working as it should.
So, for the rest of time:
1. Create and keep a list of which effects are ones to not load into projects until the mixing/mastering process. (the ones to avoid using while recording/tracking). This will save headaches and make you look like a genius if somebody insists they want the Flabrillulator Deluxe plugin on every track while recording vocals, you can already KNOW that this would cause a problem and you can gently smack them with a guitar strap until they quit asking for that plugin while recording. (oh, I suppose you could explain it to them so they would understand for their own building up of studio knowledge)
2. Make sure when recording, that you check and set your ASIO Buffer Size to a pretty low level - not maybe the MOST lowest level, because this can cause glitches if too small - for MY system, I generally find that an ASIO Buffer Size of 128 for recording gets the job done comfortably, without issues.
3, During recording, apply effects that don't suck up a lot of CPU power, or use latency-inducing processing, such as look-ahead processing, a common processing issue with many convoluted reverbs, and some other plugins. During recording, you won't have the 'stellar' sound you could have gotten with the problem-causing convoluted reverb, but that is instantly fixed once you move to the mixing process and can swap out any of the cheesy effects for those signature 'big daddy' effects.
4. OK recording tracks is done. NOW, JACK UP the ASIO Buffer Size - I usually use 1024, if 2048 is available you could use that too. This gives your more power effects the room they need to properly rule the planet. Now you can load in all those monster effects that will transform that squeaky librarian singer into that Rick Ross you KNOW lurks inside. You will have a delay when you hit play, but since you are not trying to play some guitar line in sync with it at this point, that doesn't matter, because you are only mixing now, not recording.
So, anyways, I hope you get the gist of what I am getting at. Know which effects to be careful about using during recording, make sure you understand to set your ASIO Buffer Size appropriately for where you are in the process, and it will all take care of itself.
Bob Bone