Effects Included In Mixcraft
There are several effects included by default with Mixcraft and are detailed below.

Acoustica Chorus
Chorus effects are used to thicken up a sound, such as a vocal or guitar recording.  This effect is often used to give the impression that there is more than one instrument or vocalist performing the same part.  The effect introduces tiny variations in pitch, as well as small amount of delay, into the original audio to give the effect of multiple audio sources performing at once.  

Acoustica Compressor
Compressor effects are used to reduce the difference in volume between quiet sounds and loud sounds in a recording.  This effect is often used on vocals and drums, where some portions of the sound are very quiet, and other portions are very loud.  By reducing the difference in volume of the quiet and loud parts of a recording, you can then make the recording as loud as desired, and the quiet portions will sound louder than they did without the compressor effect.

Acoustica Delay
Delay effects are often the simplest and most musically useful effects.  Quiet simply, they take incoming audio, wait a certain amount of time, and play the audio back, sometimes at a lower volume.  This creates an echo effect, such as hello, hello.  The Feedback parameter allows you to send some of the delayed audio back into the delay effect, so it will play again after the delay period.  This can be used to create a long series of echoes, such as hello, hello, hello, hello, hello.

Acoustica Distortion
The Acoustica Distortion effect is used to add audio distortion to a recording, similar to that used on electric guitars.  This effect can range from subtle grit to extreme destruction of the original audio.  Note that adding distortion can severely affect the volume of the recording.  Also note that a little distortion goes a long way!  You may want to experiment with very low settings to see how the audio is affected, and increase the settings as you see fit.

Acoustica EQ
The Acoustica EQ effect is a 10 band graphic equalizer with gain control.  The equalizer allows you to boost or reduce the audio frequencies that make up the sound of your recording.  If, for example, your recording sounds tinny, you can boost the bass frequencies.  If your recording sounds too 'bright', or if you wish, for example, to reduce the volume of acoustic guitar finger squeaking, you might want to reduce some of the high frequencies in the recording.  The Output Gain control is used to raise or lower the volume of the recording after the EQ is processed.

Acoustica Flanger
The Acoustica Flange effect is similar in nature to the Acoustica Chorus effect, and features the same controls.  Unlike chorus effects, which are used to subtlety thicken up a sound in natural-sounding ways, flange effects are more dramatic, and are used to create audio that sounds unusual and unnatural.

Acoustica Reverb
Reverb effects, like delay effects, are some of the most useful effects in music.  They are used to recreate the subtle echoes and reverberation of a natural room.  For example, most people know that they sound better when they sing in the shower.  This is because your voice bounces off the walls of the shower, and these echoes serve to improve the sound that you hear.  Likewise, a single violin or piano playing in a large church or auditorium takes on new life, when the last note bounces around the room and fades away long after the musician has ceased playing the instrument.  The Acoustica Reverb effect can be used to recreate the ambience of many different environments, ranging from small  spaces to exceptionally large chambers.  The High Frequency Damping control allows you to set the amount that the reflected audio's high frequencies are muted.  Carpeted rooms, for example, will absorb most of the high frequencies, but large empty houses with marble floors sound extremely bright and 'echoey' in comparison because the high frequencies are not dampened.  

Classic Auto-Filter
This extremely powerful effect can be used to produce filtering effects which change over time.  For example, you can create a low-pass filter effect such that the sound will be bright, then fade to a dull sound over the course of a second, then fade back to a bright sound over the next second, with this cycle repeating throughout your use of the effect.  The LFO Sync function allows you to synchronize the timing of these changes with the tempo of your recording.  Instead of setting a static time, such as 1 second, you can set the number of beats or fractional beats used to complete a cycle as the current tempo.  So with each beat, for example, the effect can complete a cycle, or you can set the effect to wait 4 beats (i.e. one measure) to complete an effect cycle.  This effect practically demands you experiment with it to learn all of the powerful things it can do!

Classic Chorus
This effect is similar to the Acoustic Chorus effect, with some additional features and a unique sound.

Classic Compressor
This effect is similar to the Acoustic Chorus effect, with some additional features and a unique sound.

Classic Delay
This effect allows you to create echo and delay effects, just like the Acoustica Delay effect.  However, this effect goes much further, with several outstanding features.  Most exciting is the Sync feature, which allows you to sync the delay amount to the tempo of your song.  Instead of setting a static time for each delay, such as 1 second, you can set the number of beats or fractional beats before the delayed sound is played.  In this way, you can have sounds delay every eight note, every quarter note, every measure, and more!  Synced delay effects are extremely useful in music.  A delay effect with some feedback, with one quarter note delay, can turn a simple percussion parts into a huge-sounding orchestration, with all echoed sounds occurring on the beat and at the correct tempo.  You can also use the Classic Delay effect to recreate the sound of analog delay effects and tape delay effects from the 70s.

Classic EQ
Similar to the Acoustica EQ effect, the Classic EQ effect gives you individual control over the left and right channel of your recording.  This can be used, for example, to create interesting stereo effects, where one speaker emphasizes different frequencies than the other speaker.

Classic Flanger
This effect is similar to the Acoustic Flanger effect, with some additional features and a unique sound.

Classic Master Limiter
Similar to the Acoustica Compressor in function, the Classic Master Limiter is designed to be used as a Project level ("Global") effect.  This effect will take your finished recording and make it sound louder and more consistent overall.  With most modern forms of music, it is often desirable that the final 'mastered' version of the song be as consistently loud as possible, to capture people's attention on CD and over the radio.

Classic Phaser
This effect is similar to the Acoustic Phaser effect, with some additional features and a unique sound.

Classic Reverb
This effect is similar to the Acoustic Reverb effect, with some additional features and a unique sound.

Voxengo Amp Simulator
This is an guitar amplifier simulator allowing you to process your guitar or voice to sound like it is going through a variety of amps.

Voxengo Spectrum Analyzer
This is a unique effect that does not actually process or change the audio and, instead, allows you to view the frequency spectrum of the audio.  This is great for learning about audio frequencies and for helping you to analyze your final mix.  You will need to click the Edit button on the effect chain list in order to make use of this effect.