Audacity has a wide range of built-in effects and also lets you use a variety of plug-in effects. You can download free plug-ins from the Audacity website. If you want to apply an effect, select a part or all the track that you want to modify, and select the effect from the menu. Some of the effects will bring up a dialog box asking you for more parameters. Audacity contains a very long list of effects, from the built-in classic effects like Phaser, Repeat, Reverb, Reverse to the Nyquist effects which come as a plug-in and also provide some of Audacity's built-in audio generators and analysis tools. If you would like to know more details about effects please access Audacity's dedicated webpage.