All effects are in the free version available. Please define a selection for this. (Round buttons) In the free version you can save in the flac, wav, m4a, aac and wma format. Choose one of this formats in the filepicker.
The minimal bitrate in Lexis Audio Editor is 96kb/s. If your record is in a lower bitrate LAE saves it anyway in this quality.
Please define a selection to apply the functions. (Round buttons upstairs of the curve) See the tutorial at Define a selection
In the most devices there are a directory with the name "ringtone" on the first sdcard. Save your sound file with LAE in this directory and choose in the Android settings under Sound and notifications/Ringtones this file.
Open a sound file from SD card is possible. For saveing on a SD-card klick on "Share" and choose a file explorer (like Total Commander) to set the desired location.