This is Jambient - mixing software for spontaneous improvisation. It's a tool for DJs, electroacoustic musicians, and for anyone who wants to create music on their PC.
Jambient uses a joystick to sculpt sound in 16 channels simultaneously. The result is unlike any other computer based musical instrument - a way to create sounds live - from the DJ booth, onstage or at your workstation - that would be difficult or impossible to create in a studio.
Jambient is an incredibly flexible instrument - and it is an instrument - and every player brings his or her own sound to it. You can hear some audio samples here - you'll need an MP3 Player to hear them. Or check out Will Green's all Jambient CD Through Curved Space. Then, if you're intrigued, you can get your own copy of Jambient and download the original source files, and make your own variations. The page also tells you where to find sound samples - there are thousands on the web.