Flaser is a sort of flanger / chorus / phaser / delay type thing.
It uses several allpass delays in series, you set the intial and final parameters of these and the inbetween ones are generated from them. Also you set the min and max values of the paramaters and theres a LFO which moves between them.
Wet - amount of effect signal is output.
Dry - amount of original signal is output.
Stages - number of delays.
Phase = phase change to signal.
In Delay - how much input signal from previous delay is delayed.
Out Delay - how much feedback from current delay is delayed.
Limit - the feedback in the delays is limited to get rid of out of control feedback, this controls the volume limit for each delay.