waverails for iPad is a modular path-based loop processor, inspired by avant-garde tape music and early electromechanical musical contraptions. Instead of recording, overdubbing and splicing together tape, waverails lets you splice, warp, blend and reverse audio (live input and/or samples) in real-time by using path-based modular components. waverails can be used as an audio processor or live performance tool to create effects and performances that aren't easily replicated in real-time with traditional audio software and effects.
More information: http://signalnarrative.com/waverails
Note: the audio quality in the video is below the app's audio quality due to an issue with the screen capture software.