To apply effects to your tracks, select a portion of your audio with the selector tool (looks like a cursor) and choose an effect from the Effect menu at the top. For example, you may want the beginning of your podcast to fade in. Simply select the first few seconds of your audio file and go to Effect > Fade In. You can also put fun effects on your sound, such as a speed or pitch change, or you could add reverb by selecting the "Gverb" option under the Effect menu. To undo an effect, go to Edit > Undo or press <Ctrl>Z.