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uses of a DI

hey,
I just picked up a livewire PDI DI box with some guitar center credit i had today. I know that DI's change the signal of your bass to a mic signal or something like that, and i've recorded with them in the studio before. I was curious though if there is a way to hook it up maybe through the effects loop in my ampeg b2r head to get a different sound or if thats even does anything. also how does the DI actually work, it has a parallel hi-z in and out, as well as a balanced lo-z output. just curious what those actually are useful for. I hope this isn't a silly question but im just curious as to what i can exactly do with this thing haha.
 
DI lets you interface with a recording console or other recording system.

It also lets you interface with the PA system at a live venue. The level of your bass is different than the level required by recording and PA systems. The DI fixes that issue.

I wouldn't bother with putting it through your effects loop.

Best,
JMJ