Video effects allow you to perform various manipulations on a clip such as
warping, fading, solarizing and so on. To create a video effect:
Select on the toolbar of the Browser Window.
Select the type of effect from the class list on the left.
Drag the desired effect from the list on the right and drop it onto the
desired object in the timeline. Once an effect has been applied to an object, you can
adjust its settings by right-clicking on the object and selecting Object Video Effects from the popup menu.