The 4 cable method allows you to put your effects both pre & post preamp by placing your preamp inside the external effects unit. It's done by running your guitar into the input of an effects unit, the send of the effects to the amp's input, the send from your amp into the effects return, & the output of the effects into the amp's return.
You'll lose a lot of sound quality because it's easy to get ground loops & tons of hiss. You also lose the ability to switch channels & effects at the same time, unless you get a midi switching system for your amp as well. You can alleviate the hum by disconnecting the ground out of the cable that is connected to your amp's send & return.
Yeah... I get it, but its for multi-FX units that have a send and return (not for pedals - at least not without an LS-2 and some fiddling).
I tried it once on my old Marshall JCM combo with an Alesis Quadraverb. Signal path worked OK, but the resulting sound was very thin - I think because the JCM doesn't truly like anything in it's FX loop.
The best way i'ver seen so far(haven't tried it yet but plan to soon)is the eric johnson/larry carlton way of sending a miked amp to a small mixer,add the echo,chorus etc...and out to a pair of powered speakers either side of the main amp also doulbes as a good rig for your acoustic if needed....