Launch Adobe Audition. Click the "Multitrack" icon at the top of the screen to switch to multitrack mode.
Right-click the first audio track. Click "Insert" in the context menu, and then click "Audio." Navigate to and double-click the audio file you want to insert in the first track. Repeat the process for as many audio tracks as desired.
Click the "Effects" tab on the right-hand side of the Adobe Audition window. Expand the desired effects sections by clicking the "+" signs next to them.
Drag and drop an audio effect from the Effects pane onto the first audio track. Adobe Audition automatically creates an Audio Effects Rack for the track. Choose a preset for the effect or adjust its settings as desired. Add additional effects, if desired. Close the Audio Effects Rack.
Click, drag and drop an audio effect onto the second track. Repeat the process to add as many effects as you want to each track in the multitrack session. To open a previously closed Audio Effects Rack, click on a track, then press "Alt" and "0" simultaneously.
Click "Play" to listen to the audio with the applied effects.