In CS 6 it automatically adjusts. So if you take a clip in the multitrack view and just start dragging it to the right the composition time will increase.
In Audition 1.5 on the top menu bar click “Effects” then go down to “Delay Effects” and choose “Studio Reverb”. That will open a window that will let you play with the different reverb settings. Here is a tutorial that will help.
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