Don't know your Echo from your Reverb or your Flange from your Phaser ?
Even if you do this stuffs really interesting.
These are links to Wiki pages that explain a bit about most Audio Effects.
You obviously have to set up your own instrument / vst plugin, but this should give you some insight into what to expect from your Audio Effect ;

http://en.wikipedia.org/wiki/Guitar_effects
And some Main articles: :
http://en.wikipedia.org/wiki/Flanging
http://en.wikipedia.org/wiki/Reverb
http://en.wikipedia.org/wiki/Delay_%28audio_effect%29
http://en.wikipedia.org/wiki/Chorus_effect
http://en.wikipedia.org/wiki/Wah-wah_pedal
http://en.wikipedia.org/wiki/Auto-wah
http://en.wikipedia.org/wiki/Distortion_%28music%29
http://en.wikipedia.org/wiki/Noise_gate
http://en.wikipedia.org/wiki/Tremolo
http://en.wikipedia.org/wiki/Phase_shifter
http://en.wikipedia.org/wiki/Pitch_shifting
http://en.wikipedia.org/wiki/Pitch_correction
http://en.wikipedia.org/wiki/Equalization  (EQ)
http://en.wikipedia.org/wiki/Audio_level_compression
http://en.wikipedia.org/wiki/Audio_feedback
http://en.wikipedia.org/wiki/Doppler_effect
http://en.wikipedia.org/wiki/Sound_recording
And as welcome as always http://en.wikipedia.org/wiki/Positive_feedback ..... 

Oh wow cool thanks for this!

Got any more links like this put them on the page !