Master Section on LE9

Usually you add effects to the Master Section effects slots, then render with the effects to a new file (non-destructive to the original file, so safer), or render in place with effects to the existing file (destructive to the original file, so best to use on a copy of the original file). For details, see the Master Section part of the manual starting on page 137:

http://download.steinberg.net/downloads_software/WaveLab_LE_9/9.0.30/Documentation/WaveLab_LE_9_Operation_Manual_en.pdf