Make sure the effect is applied the way you want. If you are applying a stereo effect bring up two tracks and pan them hard left and right. If you are applying a mono effect pan it hard left. Mute everything else. Click on the D button for bounce to disk.
Press play and record.
The system will ask you for a path and name for the bounce files. Enter a name and press enter. Let the track play through and press stop immediately when the track is over. These bounced tracks are the original tracks with the effects and eq permanently applied. If you used a mono effect you can delete the right bounce and just use the left.