Fractal modulation is obtained by forming a power weighted superposition of scaled and modulated versions of the signal. The resulting signal is self-similar with fractal characteristics. In this paper we explore fractal modulation as a powerful method to generate rich signals, useful both for the synthesis of complex sounds, like the sounds from natural events or ecological sounds, or as control functions of audio effects. The wavelet transform can be used as an efficient tool in order to generate a subset of fractal modulated signals that are power homogeneous. Any signal used as a seed for fractal modulation is transformed into a multiscale sound by means of a tree-structured multirate filter bank. Moreover, by superimposing a structured modulation scheme one can generate pseudo-periodic sounds whose partials have fractal behavior.