Yes, I forgot about that. There are quite a few vst's that audacity will accept. Some of them won't load correctly, or will load but won't give you control of all the parameters, but most will work. There are a bunch of free vst's on the web.
IMO audacity is probably one of the best free recording software out. I don't think it has the editing capacity of pro tools type software but considering it's free I think its a gem.