Not currently no, sorry. I am hoping that Simon or David will be able to create some effect modules for the sound engine in a future build. Right now about the only thing you can do is adjust the balance, audio & determine from which position it should start from & play to (via Lua script).
If you want to apply any effects then you will have to do so in a third party DAW for now such as Reason, Studio One, Ableton Live, Cubase, FL Studio, or even Audacity for basic stuff. Sorry.