You could also think about implementing your own effect chain, if that is even possible. There are some pretty good free light-weight algorithms floating around out there - see for instance Jezar's freeverb, which happens to be in the public domain. Good stuff!
And even if it is just a few effects, like reverb, echo, and a low pass filter, you can do A LOT with those... Sounds under water, through a wall, in a tunnel, etc., etc.
And if you wanted to expand on that, you could add a high pass, and a band pass filter, for even more possibilities.
One thing that I personally think you should avoid, is adding effects if they won't work reliably on different computers, especially since that would make it impractical to later change to a custom effect chain. If you would even consider that, that is... :wink: