Never heard of that one but akai made a similar think called the U20 phrase trainer. you can probably get one for verry cheap seccondhand.
The effects potential for these lies in the lofi timestretching they do. You could probably get simmilar reults with an akai s series sampler.
I imagine it sounds a lot like my numark ttx turntable when i turn on key lock then turn the pitch down 50%(or up)
Computationaly cheap timestretching basicly repeats wavecycles to make the sound longer. Better timestretching uses a phase vocoder which transforms a sound into the frequency domain with a fourier transform, stretches it then turns it back into the time domain.
the oldr akais use thecheap version (albeit a nice version that crossfades the transitions.
