After the introduction of the video series "Programming in Max for Live" by Cycling '74, it goes straight to the point in Part 2. It shows how you can program three simple audio effects in Max for Live: an Audio Degrader that can change the bit depth of the audio, a simple delay and a filter, which allows you to control the frequency and resonance of sound.
Programming in Max for Live Episode 2: Creating Some Basic Audio Effects
Part 1 - Creating an Audio Degrader
Part 2 - Creating a Simple Delay
Part 3 - Creating a State Variable Filter
P.S.: I love the squid animation and its soundtrack. Don't you? ;)
This way for heaps more Max for Live devices & tips.