I got the UR22 two weeks ago (with cubase 7 AI) and I want to listen to my acoustic guitar with a sm57 mic BUT with VST effects from cubase so I can hear the effects in real-time through the headphones connected to the UR22. Is this possible? If yes how do I set it up?
PS. Is this maybe called direct monitoring?
If you just want to hear some reverb while tracking, route the mic to a new track in addition to the one you want to record on; insert a reverb effect into that new track (or send to an FX track with reverb loaded) and monitor it, but do not record-arm it. That way you’ll record dry and can add/change effects later.
This is exactly the opposite from direct monitoring 
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Direct monitoring is monitoring the signal before it enters Cubase, what you want to do is monitor the Cubase output.