Here’s a little something via SoundCloud: AudioTool tracks by Joa Ebert.
AudioTool is Flash-based music application that’s like Reason for your Web browser. It turns your Web browser into a virtual music studio.
Are browser-based music tools ready for prime time?

Developer Andre Michelle has announced the first recording made with the HobNox AudioTool, the browser-based virtual studio:
I admit: My session is actually boring. I quickly setup some beats and just one 303 without any effects to test the Streaming and Encoding. Download the OGG-file here. The next update is scheduled for September, 1th. This may [...]

Adobe has responded to calls from developers for better sound generation capabilities in Flash, and is introducing new features in Flash Player 10 that should lead to more sophisticated Flash based sound tools:
Dynamic Sound Generation — Dynamic sound generation extends the Sound class to play back dynamically created audio content through the use of an [...]

Adobe, MAKE SOME NOISE is a campaign, which addresses the lack of dynamic sound manipulation in Flash.
It’s basically a group of Flash audio hackers that are working to get Adobe to make Flash a more powerful platform for audio manipulation:
We think that Flash is and still will be the most popular browser plugin worldwide. Software [...]