On another forum I came across this web site -

Soundation Studio

It's an online multitrack "DAW" (digital audio workstation) and I couldn't help wondering if it would work on the TouchPad - and it does! I've tried dragging some of the supplied audio clips into the sequencer on various tracks, and they will play if you go into the settings and increase the buffer size to (say) 6144 - YMMV.

Apart from showing just what can be done with a web-based app, it indicates that the WebOS browser can't be all that bad if it can run it.

And it makes your TouchPad look pretty cool if anyone looks over your shoulder.

Probably just for fun, but especially if you are familiar with multitrack audio programs, you might even get something out of it.

Haven't tried recording yet...