BeatPhone is a third-party "beatbox" iPhone app that let's you use a jailbreaked iPhone to create beeps, blips and beats via the iPhone.
Sound samples can be generated in .wav, .aiff, and many other audio formats.
And here, in a post made on YouTube by HirnW of Australia, some folks with time on their hands have assembled to fashion what likely could be the first-ever BeatPhone, iPhone uh, "concert."