Do I need a fast CPU to use effects ?

From N-Track Wiki

Faster CPUs will be able more effects and/or more tracks. If you don't need too many tracks chances are that you'll be able to use some effects even if your processor is not the faster in the market. The best thing is to try: if you can hear jumps in the playback or the system nearly freezes, then it means that it hasn't enough power to do that.