Hi guys. I'm just getting into this. I've downloaded some additional effects (Pitch correction) into the same folder as the existing effects but Cakewalk doesn't "see them". They not listed as an option. I'm using Home Studio 7. Any idea what i'm doing wrong, or how it can be fixed?

Anytime you add a VST, you have to run a VST scan. 

Also, most downloads are zip or RAR files.
Be sure to extract and perform any necessary installation, then run the VST scanner as Dave suggested.