Is your purpose game related? If so, even if such library existed, that's a lot of processing power to apply in real-time. Better to pre-render the audio files (with Audacity, for example).
Nevertheless, what kind of effect are you looking for? Echo, for example is easy to simulate.
i am almost sure that i saw a lib where you can set the pitch of the audio file or change the playback speed... but cant remember what lib it was.
i think @Erel did that example