Phaser

Applies phasing effect to the selected part of an audio file.

Parameter	Description
Duration	Delay time, in milliseconds.
Mix Depth	The dry is the volume of the input signal and the wet is the volume of the delayed signal, in percent. Varies from 0 to 100. If Mix Depth = 0 result signal isn't contain delayed signal. If Mix Depth = 100 result signal isn't contain input signal. Other values of Mix Depth are combination of the dry and the wet (wet = 100 - dry).
Feed Back Gain	Feed Back Gain sets how much delay is feed back to the input. Varies from 0 to 100.

Tip:

See also: Apply a Special Effect or Filter
The phaser achieves its distinctive sound by creating one or more notches in the frequency domain that eliminate sounds at the notch frequencies.
For more information about phaser effect see: http://www.harmony-central.com/Effects/Articles/Phase_Shifting/