Instead of saying "The constant blackouts had a negative effect on her gaming" you can say "The constant blackouts affected her gaming in a negative way"
To affect is in other words to produce an effect, sort of a short version. It probably has to do something with how the agent in the sentance is used but we don't care about that now do we?
Alright is the same as all right, just as although, already, altogether are short for there all -whatever.
The thing about alright is that it is formally incorrect so if you are writing a formal paper stick to all right whilst if you are just communicating in text it's fine to use alright.