yes, certainly. through overbridge, you can use the rytm as an 8 channel mono mixer with multimode filters and overdrive for every channel.
Set up the rytm as your soundcard output in ableton. Then, assign the output of any audio tracks to the rytm channels. You can hear the audio thru the rytm if you trig a track once which has an audio assignment on it from ableton.
for this to work in stereo, you need to use two rytm voices for each stereo track. But this way, controlling the filter and overdrive parameters can become slightly clunky, although you can use page copy/paste functions for duplicating the settings to the second voice.
Does this make sense?