I am familiar with the Wavtrigger board by robertonics who capable of playing multiple audio file at once.
I was wondering if there is a similar board that also have to option to add an effect to each track and control the parameters of it? (such as reverb, delay, filter etc) ? Is there anything like that out there?
Yes, they are called audio mixers. You have to supply the playback devices it will mix the audio, add reverb, delay and whatever else you want. It depends on the model and make of the mixer as to what it can do. Most will also allow you to insert external devices.
You don't get a separate output for each sound or track on the Wavetrigger board so any effect would have to be applied globally.
However, one simple solution is to add the effects to the files as you record them. Audacity has a selection of effects. You can record the same sound with several different effects. It might be a pain but there is plenty of room on an SD card for many versions of the same sound.