Editing Effects Properties
Each effect has properties that can be changed.  For example, an EQ effect will usually have sliders that allow you to adjust the attenuations of different frequencies to add more bass or reduce the treble.  Each effect has its own interface.  View our bundled effect list here.  

Click the Edit button to edit all parameters or values for an effect.  

Here is an example of how the bundled Classic Flanger looks:

Each effect interface will have the same controls on the top of the effect window which allow you to choose a new preset, save a preset or delete a preset.

Active Checkbox
This determines whether or not the effect is muted or heard.  If it's unchecked, it is muted and is bypassed.

Preset Drop Down
Choose a preset.  If the preset is factory default, it may have [Sys] at the start of the preset name.

Load VST Preset File (VSTs or VSTi's only)
Some VST effect and instrument manufacturers will distribute additional banks of sounds, in the form of .fxb files.  These files replace your current presets with a new set of presets, given your effect or instrument a whole new range of sounds.

To load a preset file, click the 'Load VST Preset File' button.  Locate the .fxb file on your hard drive and select it, then press OK.  The .fxb file will then load into your instrument or effect, and your preset list should change.
The .fxb file you select must be designed specifically for the VST instrument or effect that you are using.  If the file you select is incompatible, an error message will be displayed.

Save New Preset
The disk icon allows you to save or re-save a preset.  Change the values of the effect parameters and click this to create your own preset.

Delete Preset
Click the X button to delete the current preset.  (You can only delete presets that you've created.)