While it can currently do little more than sequence sounds and waveforms, the goal is to build a fully featured multi-track recording system that fits in the browser. You can load programs from a menu on the side and tweak the programs in real time. For example, if you swap out “saw” with “sine” in line 192 of “got some 303″ you get an entirely new riff.
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Obviously there’s very little you can do with this site right now besides annoy the people in the cubicle next to you, but the team is looking for donations to build out new features and there is a fairly robust Google forum where people are sharing sounds and programs with each other. It’s a fun little project and well worth a few minutes of your busy, pre-Burning Man EDM schedule.