Since iOS 5.0, some of the DSP effects are supported by OpenAL.
For example, reverb is supported by emulation for more than 10 different spaces (small / medium / large room, medium / large room, stove, medium / large camera, cathedral and several options).
You can find a good reference implementation in the ObjectAL wrapper. The repository is available at https://github.com/kstenerud/ObjectAL-for-iPhone
Take the source from this repository, download "ObjectAL.xcodeproj" and run the ObjectALDemo target on any iOS 5.0 device (should also work on the simulator). This will give you a good starting point and a sense of what the reverb effect is capable of. I personally recommend using the ObjectAL library instead of working with OpenAL directly.
Good luck with your project!
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