I can use Soundflower and AULab to add that reverb (and a little low shelf filter). I also found a way to control that from my Palette ( http://palettegear.com ) using AppleScript, but there's a lag.
I'd rather bundle the Soundflower + Audio Unit into a simple double clickable app, but it all seems like a lot of work.
Another project I plan to build is for my iPhone. I've got a Bluetooth headset, and I want to take the audio from the iPhone's microphone, and echo it back through the headphone port on the Bluetooth headset. When giving a presentation, I could use the iPhone as a microphone & presentation clicker, and take the audio over Bluetooth and pass it to speakers.
It all seems like a lot of work though, so if someone else has already done projects that are related to those two ideas, please tell me!