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The decomposition of audio signals into perceptually meaningful multiband modulation components opens up new possibilities for advanced signal processing. The signal adaptive analysis approach proposed in this paper will be shown to provide a powerful handle on the signal's perceptual properties: pitch, timbre or roughness can be manipulated straight forward. Additionally a synthesis method is specified providing high subjective perceptual quality. Furthermore, as an application example, a novel audio processing technique is proposed which changes the key mode of a given piece of music e.g. from major to minor key or vice versa.