Walkie Talkie Effect in Audacity

I followed this video tutorial: http://www.youtube.com/watch?v=14TMraH87-k
and decided to write it down and update it to the latest version of Audacity.

Walkie Talkie Effect in Audacity:

• Record voice track as track 1
• Effect->Amplify, default values
• Tracks->New Audio Track
• Generate->White Noise
• Select the white noise track
• Effect->Amplify: -20 dB
• Effect->BassBoost, default values (200 Hz, 12 dB)
• Select both tracks
• Effect->FFT Filter (or Equalization): “Z” shape, 12 dB until 10'000 Hz, then down to -12 dB.
• Effect->High Pass Filter: 2000 Hz
• Effect->FFT Filter (or Equalization): “Z” shape, 6 dB until 10'000 Hz, then down to -6 dB.
• Effect->High Pass Filter: 1000 Hz