The result is as if your signal were played in that room ( with all its reverb ) or through that thing ( with its 'desirable'-or-otherwise characteristics modeled in its impulse response ).
Thinkable in 1962, but not thought possible. Now it's part of an industry.
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[1] https://en.wikipedia.org/wiki/Convolution_reverb
[2] http://www.openairlib.net/auralizationdb?page=1
[3] https://www.soundonsound.com/techniques/convolution-processi...