Can you make a guitar effector with Raspberry Pi specifications?

I'd like to make something like a guitar effector with Raspberry Pi, but is it possible in terms of specifications?I'd like to buy it and try it, but I don't have much money, so I'd like to hear the opinions of people who actually tried it and people who are familiar with it.At first, I was going to do it with Arduino, but I was told that I couldn't do it in terms of specifications, so I thought Raspberry Pi2 would be fine because it has a clock frequency of 900 MHz.