Of course, this can be applied to ANY version of Cantabile, but I made the video to feature what people can do with the free version to hopefully introduce them to its other capabilities as well (as a “gateway drug”, so to speak!) 
Cantabile Lite is a great solution for this - it really IS light, and it is an incredibly stable host for all kinds of plugins, so how can we lose?
Voicemeeter Pro “Banana” is the version of Voicemeeter that has Inserts capability.
First, here are the links mentioned in the video:
http://www.vb-audio.com/Voicemeeter/banana.htm Virtual Mixer Supporting ASIO & WDM simultaneously with Inserts
https://www.cantabilesoftware.com/ The Home Page
https://www.cantabilesoftware.com/download/ The Download Page
http://d16.pl/frontier Free Limiter
https://www.u-he.com/cms/179-protoverb Free Reverb
And this is a check-list you can follow on your own:
Voicemeeter Inserts Using Cantabile Lite as Host
Voicemeeter sends out the insert pre-fader to the host application which runs the audio through its effects and sends it back to Voicemeeter also pre-fader. The fader then adjusts the results.
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Download and install Voicemeeter Pro
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Download Cantabile – 64-bit or 32-bit depending upon your machine and/or plugins available.
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If you have no VST effects yet, I have some download links in the show notes. Install those in your VSTPlugins folder, usually in C:\Program Files\VSTPlugins
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Run Cantabile - select “Lite” version
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Run Voicemeeter Pro
(Always in that order - Cantabile first) -
Select A1 output in Voicemeeter - ASIO best
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Place Microphone into Slider #1 and click MONO
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Select B1 or B2 output depending upon use
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(If processing System Sounds via VAIO, then use B2 as the final output as B1 will possibly appear as being busy.)
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Select A1 button for monitoring
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Enter Cantabile and go to Tools/Options
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First set the Audio Engine to “Voicemeeter Insert Virtual ASIO”
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Now set the Audio Ports, adding Stereo Ins and Stereo Outs as needed, by first adding the input, then hit the ADD button to assign the left and right channels to the appropriate insert number.
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In Cantabile’s Plugin Options area, select your plugin folder. Then click OK, and from Tools, perform a plugin scan.
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Now on the main screen, Click “Add Object” and add a plugin - we start adding the free limiter from D16, “Frontier”.
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Now in the Input Ports section, click “Add Route” and select your Microphone One input. Select as its Preset/Destination the Frontier plugin.
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Finally, beneath the Frontier plugin, click “Add Route”, select a Stereo Output, and then your Microphone One Return output.
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Back in Voicemeeter, go to “Menu–System Settings/Options” and turn on the inserts for the mic.
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Test that the loop is working - you can turn off the plugin’s output route to test this, or just play with the plugin.
Thanks so much for posting this! It’s one of the things I was studying. Your video is an even easier way to learn it! Great Post Terry