SonicBirth is an AudioUnit designing application. The first in its category, it allows users to build their own AudioUnit plugins, either by working with existing circuits or by creating circuits completely from scratch. SonicBirth is also a free AudioUnits package, as it comes bundled with a set of plugins designed for standalone use as plugins as well as pre-constructed circuits to modify or build upon for creating new plugins. Whether you're looking for traditional eqs, compressors, and reverbs, or softsynths, distortion, and filters, etc., SonicBirth allows you unprecedented freedom and creativity over your sound.
SonicBirth is based on a powerful, flexible engine. Every plugin can be used in 32 bits or 64 bits for added precision. Since all plugins share this engine, any improvement in speed will benefit all of them.
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NOTE: This app used to cost money, but has just been released as freeware/open sourced (GPL)!