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Description from the App Store:
Music Studio offers a complete music production environment on the iPhone/iPod touch with features and a sound quality previously only known to desktop applications and expensive audio hardware.
Screenshots here: http://itunes.apple.com/us/app/music-studio/id328608539?mt=8
Here's how to install IPA files with Cydia. Install OpenSSH onto your iDevice, Windows users need to install WinSCP while Mac users need to install Fugu. Once you're connected, make sure you are in /var/root/Media, then create a new folder (case sensitive) named Cydia. Open your new folder and make another new folder (case sensitive again) named AutoInstall. Copy your cracked or non-cracked IPA file(s) to this directory, reboot your iDevice, then respring. On a side note, this method works for .DEB files as well, I was able to intsall iFile that way :D
If you you are not using Cydia, just use Google search to find your answers, trust me, the answers are there in the results! :D
Please note, I have recently changed my ISP from Comcast to another company. Instead of having a cable modem & router in one device, I am now using 2 separate devices. Everything is working at the moment, however my connection will, at times, have issues. I suspect it to be my modem configuration, I suppose I should search Google lol.
UPDATE: After some searching, I've been able to keep a steady, stable connection. My upload isn't too great, but that's not on my end though (ISP).

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iPhone   Touch   iPad