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This is the Audio Device Graph Isolation service, a part of Vista and 7's audio services. The real audiodg.exe is harmless, but like any file it could be infected. If it's not doing anything, it should be fine. The worst that can happen by ending it is your audio goes out, restarting your computer would fix that.
Standard effects are listed in the Effects panel and are organized into two main bins, Video Effects and Audio Effects. Within each bin, Premiere Pro lists effects by type in nested bins. For example, the Blur and Sharpen bin contains effects that defocus an image, such as Gaussian Blur and Directional Blur. Find audio effects in bins named for the type of audio clips they support: mono, stereo, or 5.1. You can also locate an effect by typing the effect name in the Contains box. To open the Effects panel, choose Window > Effects, or click the Effects tab.