Coldcutter is a loop chopper / slicer.

It is is designed to chop a loop into a number of slices or cuts and rearranges them randomly in real-time according to a number of parameters.

Reverse - Probablility that a given slice will be reversed. 100% means all slices reversed. 0% means no slices reversed.
Coldcut - How much the slices are shuffled. 100% means that no slices are in their original positions. 0% means that all slices are in their original positions.
Repetition - How likely a given slice is to be repeated. 100% means first slice is repeated throughout the loop. 0% means no slices are repeated.
Cuts/Bar - how many slices in a bar (not in a loop). NOTE: This means that if you want 1 cut/beat and the loop length is 8, you have to set cuts/bar to 4.
Envelope - Ramps the volume of the audio before and after a cut. Use this to get rid of clicks between slices using small values less than 100. Does do a quite nice 'pumping' effect at higher values with small slices...
Variation - How many times the current loop is repeated.
Silence - Probablility that a given slice will be silent. 100% means all slices are silent. 0% means no slices are silent.
Loop length - number of beats in a loop. Typically set this to the number of beats in your audio loop. Nudge loop length to recapture the loop.