Any idea if we can run this as an external fx unit, more like a bus, so we can run the software through it like synths/samplers. I understand it can process the audio as external audio but with master effects on the inputs, but im thinking of paralell processing etc.
if i have not made much sense, i im sorry, but lets make this possible anyway. 
Yes , as of OS1.3
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Yes, but there is no Kill Dry function, so if used as a send effect the dry signal will also be present possibly leading to phase issues.
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im thinking as a return, thats why damp squid is right.