What is Reverb? Simply put, reverb is the sound of the
electric guitar bouncing off the hard surfaces in a room.
Reverb is available from a number of different sources. There are discrete reverbs pedals, of course, and reverb is a built in feature of many amps, even amps that don't have any other effects built in. A popular reverb is the Spring Reverb. This one is available on the amp and is also emulated in pedals like the Boss RV-5 Digital Reverb.
The Fender Super Reverb is a popular amp from the 60's that produces a tube-driven reverb sound.
Settings For Reverb Guitar Effects Boxes
There are a couple of settings on the Reverb effect for guitars:
The Decay is the setting that adjusts the length of time until the reverb dies away and isn't heard anymore.
The Level Control sets the volume or loudness for the effects pedal
The Tone Control sets the bass, treble, midrange eq for the effect.
Many Reverbs have options to emulate the reverb of various settings or environments like large halls or cathedrals, or even famous spring reverb units.