Well, this is impressive. the iMaschine app is like having a full music studio in your pocket, combining a sampler, sequencer, and audio processor into one program that you can use to make full songs on the fly.

In the below video, you can see the very talented Jamie Lidell creating a song in one take, in bed. Sure, you're no Jamie Lidell, but it shows the potential of this thing. It's only $5! Can you imagine showing this to someone with a 4-track in their bedroom in 1980? I think their head would explode. The future!

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Native Instruments via Gizmodo