7.3 audiosuite
Two main types of effects processing in Pro Tools
1) Audiosuite Menu - effects processing applied to a selected a clip. Use the Audiosuite menu after the clip is selected then add the effect. A new clip will be created with the desired effect.
2) AAX Avid Audio Extension. Effects processing that is used as track inserts. Any signal that passes through the track will have an effect in real time. No new file is created.