Modul8 has several integrated effects that allows to modify the content of your media.
It supports most of the well known effects in digital imaging.
You can change the saturation.
Also invert it.
You can change the lightness in two different modes: linear and non-linear
You can change the contrast.
In invert form too.
For movies that do not have a pre-computed transparency, you can use a luma-key to generate transparency based on lightness, darkness or on a color channel.
You have a noise effect.
You have a blur effect in two different modes which both generate smooth transparency.
And of course all these effect can be combined.
Because of the flexibility of the Modul8 effects, you can very easily invent your own effects by combining many different simple effects.