This is an effect that is so common that you have almost certainly heard it at some point.
One example is the vocal lines “yeah yeah yeah yeah yeah yeah” on the intro to Britney Spears’ hit from 2000, ‘Oops!… I Did It Again’.
The intention is to process the audio so that it sounds like it is being played back through a small radio speaker.
In the real world when sound is broadcast over the airwaves (perhaps through the older AM bands) and amplified through a small speaker, the sound loses a lot of the low and high frequencies that are filtered out by the limited technology.
This can be emulated using an equaliser.
The process is quite simple, add a parametric EQ across the insert of the channel(s) you wish to process, then activate a hi pass filter (HPF). A HPF is a type of EQ which removes almost everything below the set frequency. Set the frequency of the filter to around 300Hz.
Now activate a low pass filter (LPF). This is similar to a HPF, but it removes everything above the set frequency.
Adjust the frequency to around 3kHz.
You should already notice the sound getting much thinner, then adjust the frequencies of the filters to suit the sound you are processing.
If you really want to emphasise the effect, add a boost at around 1kHz. This will make any vocals really stand out just like an old radio broadcast or walkie talkie.