You want to play a 40 minute sample with effects? I think Johannes says in another thread that using the wave/play object you can theoretically play a sample the length of the storage on the SD card but someone should correct me on that if I'm wrong. If I'm right though, you can continue to add standard effects like reverb, delay, chorus, etc. to the output, sure.
There are a couple ways of playing back samples on the Axoloti, each with their advantages and disadvantages. The wave play object just uses the Axoloti as a media player of sorts. You can't actively manipulate the sample itself like play it in reverse at the 20 minute mark with just a wave play object. That's where things like tables come in, (which is the other primary way of playing back samples, and can do a TON more than just that). Tables hold the sample in either the RAM or SDRAM memory, so you're limited to the amount of time you can hold a file in there, which is much less than 40 minutes.
By combining wave/play and table based objects like delays, or objects like Factotum and Rockafella, you can get pretty far with adding effects. At that point, your only limitation is RAM and SDRAM, which has a fairly generous ceiling on the Axoloti in my opinion.
Oh and if I'm wrong about the SD card-length wave/play playback, you could always just plug external audio straight into the audio input of the Axoloti since the two operate so similarly anyway.