another way is using

/debug -i on $debugger

Code:
alias debugger {
  ; $1 contains debug line so do what ya want with it
  ;example
  tokenize 32 $1
  if     ($1 $3 == -> PRIVMSG) { echo -st YOU JUST SAID TEXT SAID IN A PRIVMSG TO $4 IT WAS $mid($5-,2) }
  elseif ($1 $3 == <- PRIVMSG) { echo -st YOU JUST RECIEVED A PRIVMSG FROM $4 IT WAS $mid($5-,2) }
  ;
  return $1-
}