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Live Effects Processing

So here's the deal. I'm in the process of setting up my home studio, which of course involves VST/AU amp simulators, effects, etc. Now, because I'm doing this, I don't have a lot of money left over for effects pedals. So, if i have an audio interface and a Mac (both of which are portable, clearly), it should be fairly easy to plug my bass in, hook those into the PA, and use them for live effects processing, right? Thoughts and ideas?
 
Sounds good. For me to do a similar thing, I would make sure the system I'd be using was set up to take a simple 'dry' signal of the bass to the monitors/FOH as well as a separate 'wet' signal from the software package. I know the dry signal will always work, and have no latency. The wet signal will have the fun sounds on it, but may have a noticeable delay to it, and could go down if the software crashes. If that happens, I still have the dry.