Advanced audio manipulation in HTML5
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A client has asked me for a quote on a web app, and I want to create it in HTML5 but in my research I've been unable to find an indication whether or not it's possible. The app needs to be able to:

Work in every browser

Record audio from the user using their computer's mic

Play back recorded audio

Play two or more audio tracks simultaneously

Apply simple effects to the audio such as reverb and pitch bend.

From what I can gather, this is more advanced than the current capabilities of HTML5.  But maybe I've missed something.  Is it possible? Or can you suggest a way it could be done?  And if not, should I resort to using a Java applet?