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Does exactly what it says on the tin. Basically, a sine wave is used to modulate the speed at which the input signal is played back at (i.e. stretching and squashing the audio). To do this, a buffer is employed, which also allows the input audio to be output in reverse, hence the direction button which can be seen above. This is another plugin which probably doesn't have too many practical uses, but I quite like the sounds it makes. Most of this plugin's functionality can now be found in The Modulator 2 (along with a tempo-sync-able oscillator).