Either a very well executed spoof or postmodern hi-fi (which means, possibly both and more): Speakerphone provides heavily tweakable emulations of low-fidelity speakers (including "Fedtro Megaphone," "Ampeg B18 in a bedroom," "Crackling Walkie Talkie," and [cool!] "Mac SE").

A bad GSM connection on a busy sidewalk, a bullhorn with feedback and a helicopter overhead, or a 1952 rockabilly guitar amp in a recording studio live room: Speakerphone gives you authentic speakers of any size together with their natural environments.

All the walkie-talkies, distant transistor radios, Guitar cabinets, upstairs TV sets, bullhorns and cell phones you'll ever need. Speakerphone will add dial tones, operators and static, and you can select from a wealth of ambiences on either the caller or receiver's end. And with a click you can send anything from the sample-playback bay right to the cursor in your Pro Tools track.

The product page includes audio and video demonstrations of the software in use with ProTools. (I'm digging around now to see if there's a Tom Waits module.)

[via KVR Audio]