via this auction
"the phraser, or ph01 for short, is a knob recorder. it records a dc voltage (via the dc pot and record button) into a loop, and outputs that movement as a 0v-5v control voltage (and displays the output via the led). the rate knob adjusts the playback speed (or loop length, however you want to think about it.) the record button overwrites whatever is in the loop with the current position of the dc pot, allowing for complex sequences with just a little clicking and twiddling. loop length goes from ~18 seconds to over 500hz.
it can be used as a:
voltage sequencer
programmable lfo
gate/trigger source.
static control voltage
clock
drone oscillator
the phraser is, in essence, a knob that keeps turning after you've let go."
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