1.5.0 is the first release to have audio filtering, which has been a requested feature for some time. Now, the audio filtering system is quite rough at this point -- it's not optimized, and the filter selection is a bit sparse. You also cannot write external audio filters yet, although that is definitely going to change. The current selection of audio filters consists mainly of miscellaneous algorithms that I have been playing with for a while within a sandbox WinAmp 2 plugin:

• Center cut. The classic "vocal cut" filter, except that the output is stereo instead of mono. This is accomplished through FFT phase analysis; the output will have some warbling in it, but stereo separation is preserved. Also known as the "make your own karaoke to embarrass yourself with" filter.
  
  
• Ratty phase shift. A time-domain, sawtooth-swept delay line, with rake-like correlation to smooth out the jumps. Good for about +/-20% variation in pitch.
  Now, you might ask what a pitch shifter is good for with video. Well, 1.5.0 also contains a stretch filter that allows you to slow down or speed up audio, like a tweaked tape recorder. Combine a stretch and a matched pitch shift, and you get a time stretcher. If you set the pitch shifter and stretcher to the same ratio and tweak the video frame rate to match, you can speed up or slow down video. (Yes, you can now make "Sakura Saku" even faster!)

Build 15654 (Version 1.5.1):          [February 22, 2003]
  [features added]
  * Improved audio filter dialog.
  * Added "split" and "mix" audio filters.
  * Capture mode: Added menu item to launch Windows Volume
    Control in Recording mode.
  * Save Segmented AVI now attempts to cut before keyframes
    when the video mode is set to "direct copy."

  [bug fixes]
  * "Change so durations match" frame rate option was using
    microsecond periods as frame rates.
  * Fixed random crash when selecting menu option with no
    video file loaded.
  * Fixed broken free space gauge in capture mode.
  * Fixed trashed filenames when attempting to set capture
    file.
  * Save Segmented AVI was using one digit instead of two
    for the segment number.
  * Video capture without an audio device now works.
  * Audio compression dialog no longer shows incompatible
    compression formats when it first appears.
  * Added workaround for "shutdown when finished" job
    control option to work under Windows 98.
  * Assignments to string variables now work in scripts.

Typical German mistake:
Aktuell means current in German and sounds alomst like actual.
I don't know if something similiar is the the case in other languages.
dev0

Here we also use the very same word "actual" to mean "current".

still no 'jpeg sequence' import.. sigh as well  B)

VirtualdubMod allows you to import/export PNG instead of Bitmap ... http://sf.net/projects/virtualdubmod

#avisynth 2.08
LoadPlugin("c:\program files\avisynth2\plugins\ImageSequence.dll")
#ImageSequence("path",firstframe,lastframe,fps)
ImageSequence("E:\export_%.3d.jpg",1,50,25)