If you're an avid Ableton user then chances are you've heard of "Max for Live" which is new to Ableton Live 8. Basically "Max for live" puts the power of Cycling 74's Max/MSP in your hands. What this allows you to do is make your own instruments, effects, or plug-ins.
So to show you a perfect example of what some users have accomplished check this cool little tutorial made by the great guys over at Dubspot and Puremagnetik. Also! Below is the link to where you can purchase and download the files, so you can try the Spectral Mixer out yourself if you have Ableton 8 and Max for live installed.
Grab the Spectral Mixer here!