MVIP (mini Video Image Processor) Euro module controlled by an AFG oscillator. The oscillator goes through a VCA to show the MVIP settings with and without the oscillator. The sound is a ring mod of the AFG and another oscillator modulated by the same LFO as the VCA. The AFG is also modulated by an LFO to give it a waving motion.
The first half shows the oscillator in each of the CV inputs. The second half varies the frequency and uses combinations of brightness, bitswap, and mode CVs.
More info on the MVIP from Dave Jones Design can be found at http://www.jonesvideo.com