To add a new LV2 effect, place its complete .lv2 folder (not the files alone) at the top level of any of the following locations:
- Users\\AppData\Roaming\LV2 (or Documents and Settings\\Application Data\LV2 on Windows XP)
- Program Files\Common Files\LV2 (or Program Files (x86)\Common Files\LV2 on 64-bit systems)
Then, use Effect > Manage... to enable the LV2 effects and load them into Audacity. Restart the program and now your newly installed effects should be cached and ready to use.