With all of the Flash-bashing going on lately, it is easy to forget what a powerful platform it is. It's a good thing that Web tools like Soundation Studio serve as handy reminders, showing us that some very cool stuff can be created with Flash.
Soundation Studio is an incredibly full-featured, desktop-like sound editor. It has a built-in library with hundreds of sound samples that are sorted by BPM. The samples are predominantly electronica-style stuff, but you can buy more samples from the online store. Still, if you want to compose a nice piece of electronic music, the included samples seem to be more than enough.
Despite having no musical inclination whatsoever, I was so impressed with Soundation Studio that I felt compelled to stay for a few minutes, play around with the UI, and even try to compose my own trance beat (which I will not subject you to). After the fold, you can see some of the highlights.
This is the same overall screenshot shown in the beginning of the post, but I'd like to provide some explanations for it now: At the top of the window, you see a menu bar; the left side features channel controls (each "line" is an audio channel). The bulk of the window is taken up by the channel waveforms, while to the right, you can see the expanded samples library. At the bottom are some pretty self-explanatory playback controls.