If you're an aspiring DJ then ViperLair may have something that you're looking for as they check out Stomp Inc.'s MySoundStudio.
Loading in a stereo MP3 displays the waveforms of both the left and right channels allowing you to edit them separately. You can add a multitude of effects to the entire track or just a selected part of the track via the pull down effects menu. All of these effects pop up a window to allow you to tweak the individual effect to your liking.More information at ViperLair
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