This topic has come up several times in the past few weeks.  I recently gave this link in another thread with a similar question and it might be something you might find useful.  Just another option with similar results, but still different enough that I thought it another useful technique.

http://forum.cakewalk.com/tm.aspx?m=2518679

Automation.  Have the delay turned off until you need it (or the wet/dry mix to 100% dry).

i drop in a few new tracks and copy the word you want to echo... paste into the new tracks. adjust, with drag and drop... use envelopes as needed. 

Bristol_Jonesey

...SPLIT the last word of the phrase into it's own clip. Insert a Delay in the CLIP FX Bin...

No need to add a delay effect.  Instead use several copies of the clip itself to be the delay repeats.  This way you have more control over individual repeats, e.g. you could pan or eq them differently.

if your using delay on that track itself its very easy to use vst automation(if your using sonar x1 atleast..

kevo above my post brings a good point to the table though,you use no resources doing it his way.

Thanks everyone for some great tips and techniques. I'm learning a lot here!