Tonecarver has released a beta version of tcStretch, a free effect plug-in for time stretching, pitch shifting, and blurring.
Time stretch can be up to 1 million times slower. Pitch shift is plus or minus one octave. Blurring blends nearby spectral material to make the output less static.
Playback is sensitive to transients in the source material. Playback rate and blur amount are set independently and automatically adjusted according to the transient contour of the material being stretched. Playing transients at a faster rate than non-transients tends to make the output sound less obviously stretched. Playing transients more slowly than non-transients emphasizes the stretchiness [good when playing in reverse mode with highly transient material]. Adding blur brings in some subtle (or not so subtle) randomness which helps to keep the output less static.
To use the plugin, load a sample (WAV or AIFF), start your DAW transport, and set playback and blur amounts to taste. (Future version will have play/stop controls for playback independent of DAW transport). Region selectors can be used to isolate a portion of the sample to repeat. Volume envelope can be applied for fades.
The plug-in beta is available to download for Windows (32/64-bit VST).