I should have been a little more clear in my first response.
With regard to the algae problem, it comes down to balancing nutrients. In theory, coralline algae and the bacteria in the live sand and the live rock can complete with the nuisance algae for the major nutrients (carbon, nitrogen and phosphorous) if they are available in the right ratio (C>>N>>P). If there is limited carbon available, then adding it (in the form of CO2, vinegar, or even vodka) sometimes helps. A lot of the time it does not. What tends to be more helpful is general good husbandry: skimming, careful feeding, water changes and plenty of circulation.
As Crown Royal said, many people, myself included, inject CO2 via a calcium reactor. A slight coreection would be that the CO2 acidifies tank water in the chamber, which then dissolves some sort of calcareous medium, rather than reacting with the effluent, which is the stuff coming out of the reactor.
I agree with CR that injectingf CO2 would be risky, and could kill off everything in the tank if you weren't careful. Worse than an algae problem.