Tape Loop effect / Decaying Tape effect

Hi all.

I’m wanting to put a decaying tape effect on an ambient loop I made; basically like what happens on William Basinski’s The Disintegration Loops (my loop is actually somewhat similar in sound to d|p 2.1 and El Camino Real). Is there any way to achieve this on Audacity?

Example: https://www.youtube.com/watch?v=CSfNyaXvNwI

Think of Audacity as a kitchen, and sound as food.
Q. “Is it possible to make this dish in this kitchen?”
A. “Yes, of course it is possible. Do you know the recipe?”

I don’t know the recipe, or what exactly “decaying tape effect” is, but I’m sure it’s possible. Perhaps the “Delay” effect is an ingredient? “Paul Stretch” effect is not “it”, but I think you’ll like it. See: http://manual.audacityteam.org/man/index_of_effects_generators_and_analyzers.html