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ASIO FX Processor LE is a standalone application that allows to stream audio from audio card input to audio card output through a VST plugin using Steinberg's ASIO 2.0 interface, thus turning PC into a real-time effect processor.
It means that you can plug an audio source, like a guitar, microphone, external synth out for example, into input of your audio card that supports ASIO 2.0, run the ASIO FX Processor LE, select the input you would like to take the sound from and output for monitoring, load a VST plugin you want to process the sound in real-time and start the streaming. The application will take the sound from card's input, pass it through the loaded VST plugin and output it back to audio card output for monitoring.