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SpectMorph

Screen dump: 

SpectMorph allows to analyze samples of musical instruments, and to combine them (morphing). It can be used to construct hybrid sounds, for instance a sound between a trumpet and a flute; or smooth transitions, for instance a sound that starts as a trumpet and then gradually changes to a flute.

Also interpolating between two samples of the same instrument (different attack velocity of a piano) could be interesting.