How to apply plugins to an audio clip.

I have been a cubase user for many years and have the elements 7 now on trial …have been using version 5.2. before.
The new interface sure looks good but for one big problem. I cannot find anyway to apply a plugin to a selected audio clip.In version 5 you just right click the audio clip and a popup appears with the plugins option. in elements the same popup menu appears but without the plugin option. I honestly cant believe that its not possible to apply effects in this way …only realtime within an insert.
Please can someone advise on what i am missing.

Offline processing is and has always been a full version feature only.