Convolution reverb is a reverb effect based on impulse response files. Basically what that means is that the reverb effect is derived from what happens to audio in real world environments. For example if an test audio signal is produced in a room with certain reverb characteristics then the recording of that sound can be used by convolution software to put ANY audio signal into the same virtual room. Say you found a room with great reverb characteristics you could play a test tone into that room and record it then convolution software could use that impulse response file to put any recorded audio into the same space without actually being there. See http://www.xs4all.nl/~fokkie/IR.htm for more explanation and impulse response files to use with convolution software.