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To add particular affects to a clip all you need to do is select the clip, and go into the edit function. Here you will find the effects panel consisting of the effects rack on the right hand side. You can click on Stereo Rack Preset to get a full list of effects presets that you can apply. Once you're selected a preset, say a, special effect called Ethereal, the various sound processes component acting upon the effect will be shown in the rack. You can click the green power button to activate or deactivate a particular component. You can even customize the effect by clicking on the settings button for each of the effects components, once you're done with it, simply click on Apply to File or Apply to Selection, whichever might be the case. Some of the effects are actually post production presets to fix audio such as Remove Hiss. To find some of the most standard effects, head to the Effects menu on the top menu of the application.