Not everyone has the space or budget for a ton of AV equipment. Waves Audio is making it easy to pack an entire DJ booth into the Apple iPad.

Waves Audio just announced the new Mashup iPad app. A collaboration with Musicsoft Arts, Mashup promises studio-quality audio processing all via the iPad tablet. The app includes an advanced playback engine, effects, and direct access to a user’s music library.

Compatible with the iPad 2 and up, Mashup is designed to replace all of the complex and cumbersome gear, such as mixers, PCs and turntables. Other features include studio-quality EQ and analog-style resonant filters, as well as independent time-stretch and pitch-shift for each of its two stereo decks.

Waves Audio is selling the Mashup app in the iTunes Store now for $39.99. If you’re looking for a little more power, Waves MaxxAudio adds in preset sound modes and can elevate output levels and bass, all for an additional charge.