Little Scale, aka Sebastian Tomczak, has released SampleRider – a Max for Live instrument that uses a user-defined sample as a table for an oscillator.
Basically, a sinewave that is modulated by another sinewave sets the sample index for reading back sample points from the loaded sample. Frequency is set by incoming MIDI notes. Velocity sets volume. The user can define other parameters (e.g. modulating oscillator amount and frequency).
There are two main oscillators and two modulating oscillators. All timbral changes are created simply by reading back from the loaded sample at different points/in a different way.
SampleRider is a free download from the Little Scale site.