In the past few years I've written many times about Dummy Clips. Every time a new version of Live arrives, it gets a little bit easier to use them. We have done a small collection of videos that will highlight many of the uses for Dummy Clips, starting with the basics and working our way up.
The first video shows how to apply different effects to an audio source. Its a simple example but a very important one; the method illustrated in the video can also be applied to regular Audio and MIDI clips, allowing you to assign a designated effect to a clip.