The decomposition of audio signals into perceptually meaningful modulation components is highly desirable for the development of new audio effects on the one hand and as a building block for future efficient audio compression algorithms on the other hand. In the past, there has always been a distinction between parametric coding methods and waveform coding: While waveform coding methods scale easily up to transparency (provided the necessary bit rate is available), parametric coding schemes are subjected to the limitations of the underlying source models. Otherwise, parametric methods usually offer a wealth of manipulation possibilities which can be exploited for application of audio effects, while waveform coding is strictly limited to the best as possible reproduction of the original signal. The analysis/synthesis approach presented in this paper is an attempt to show a way to bridge this gap by enabling a seamless transition between both approaches.