One of Peak's coolest features is the ability to record tracks through any installed plug-ins when using Core Audio. So, for instance, you can EQ a recording using an appropriate plug-in to remove rumble or pump up the bass response. You could also add ambience to a dry room using a high-end convolution reverb.
To do this, you must open and configure any plug-in(s) you wish to record through, then select Record Settings from the Audio menu. The Record Settings will appear. Click in the "Record Through Plug-Ins" checkbox and then click "OK." Finally, select "Record" from the Audio menu and you're good to go. Using this method, it's possible to subtly color your audio or extremely mangle it according to your wishes.