Mixing Live in Cubase

Hi,

I have Cubase 6 and am trying to mix live for singers as they sing and comp the track.

On watching this video on Pro Tools 9 I know this can be done and also in Logic 9: http://www.youtube.com/watch?v=0YeMurCdf2Y

But for some reason I cannot find anywhere in Cubase 6 on how to do this so the reverb, compression and other affects come through as the vocals are being recorded.

Nor can I find how to punch in and out of a track in Cubase 6 when comping.

Is this possible in Cubase and if so how?

Or have I wasted my money in buying Cubase 6?

Thanks for your input and help in advance.

Regards,
Adam.