Is it possible to use an effect modeling software over a MIDI track?

Furthermore, would it produce a sound as realistic as a real instrument?

I'm wondering because I have a M-Audio FastTrack, and I want to record covers, and I can do rhythm guitar, SOME easy lead parts, and vocals. I can easily use a backing track for bass and drums, but for lead, I was planning on using an exported MIDI track of the lead off of Guitar Pro, and I don't want it to sound too much like MIDI.

So I wonder; can an effect modeling processor, like Amplitube 3 for example, be used to alter the sound/tone of that MIDI track, as it would be to alter the tone of a real instrument track, to make it sound more realistic and give it the tone the songs require?
 
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