Quick question, I got a Dynamic mic, i got my condenser for recording, but with that aside, is there a way to import a 2track into my DAW, and have my dynamic mic projecting my voice out my monitors over the top of the instrumental at the same time in real time?

Or possibly run if through certain effects so i instantly hear it back how it is as i speak? Yeah i probably sound stupid but yeah. thats my question if anyone understands lol.

Either drag the track in from the browser or import it. Insert another track for the mic, assign input/output, set levels etc. add FX as required then click on the "Input echo" widget in the track header. That should sort it.

1) Depends on your audio interface. Most will allow you to route the input directly to the output mixed with the DAW output signal. That will result in near-zero latency monitoring.
2) There will always be some delay because the signal will have to make a round trip through the DAW to hear DAW based effects. Some interfaces have effects built-in. That would avoid the delay created by the round trip through the DAW, in which case you could monitor as described in #1 above.

Watch out for Feedback!
 
If you are playing your voice back through your speakers while your are recording, you risk feedback. You will be safer for feedback using your dynamic than condenser microphone (probably). Mic positioning will matter to.
 
In general, this is just a matter of routing. Set Input Echo on and route the sound out through your interface to your monitor set up (stereo). Bring the level up gently and carefully so you can quickly bring it down in the case of feedback.

Input echo on the track you are recording (monitoring) will do what you are trying to do.  ONE BIG WARNING is that if you are planning on using audio effects that some of the effects will introduce so much latency that the approach will not work for you.  Many of the better quality plugs need time or look-ahead that introduce considerable latency.  If you run into problems with this back out plugins until you find which ones are causing latency.
 
Glen

Thanks fellas, dont think running it through any effects is needed, but will changing the latency settings fix the somewhat delay? isnt much delay, just abit. 

Altering the latency setting does change the delay. The best way to avoid latency is to avoid monitoring through the DAW. Have the DAW send the pre-recorded tracks to the interface and monitoring the microphone directly from the interface practically eliminates any delay.