There are all the offline effects you might expect, as well as the fantastic DIRAC timestretching and pitchshifting algorithm.
Happily, though, WaveLab 6 Studio has plenty more to offer: once everything has been organised in the Audio Montage or wave editing section, you can apply a vast array of processing functions.
The features mentioned so far are all well and good, but the fact is that most of them are also available in Cool Edit.
