Adobe, MAKE SOME NOISE is a campaign site to bring a fine sound manipulation into Flash.
I admire the concept and strongly recommend the Wishlist for the Adobe Flash team.
A sound manupulation is one of weak points in Flash I think. A 'popforge' is very simple and easily-handled library and it brings me many good inspilations, but Im unhappy because its distributed under the GPL license (as you know, the GPL license is infectious). An 'FlMML' is a library to parse MML(Music Macro Language) but its only on PSG sound.
I hope to create a library to operate an FM sound module on Flash when the sound manipulation achieves the level I wish.