I think it depends on the software. WinMe was for mostly multimedia such as music and videos so there was alot of stuff fit for that.
software that came with my creative card allowed me to do things such as echo effects.
this is a winamp plugin that supposedly does reverb:
http://www.hitsquad.com/smm/programs/AmazingReverb/
I haven't tested it to see if it works yet cuz i'm on a cpu that has no speakers at the moment.
basically all i think u need is some freeware shareware software that has that capability and you should be set.
more stuff just search thru them to find wut u want:
http://www.hitsquad.com/smm/win95/EFFECTS/
if your card doesn't support it then i don't know wut to tell ya 'cept get another card.