You can do a lot of studio work online now. 

Audio Conversion
Bluegrind - converts text to audio.
Media Convert - wonderful media converter with a huge amount of options.
Zamzar - converts all sorts of file formats, including several audio formats.

Jamming
Ejamming - jam with other musicians and record your music online.
Indaba - listen to music or works iand give your feedback; join in the music-making sessions or start your own.
Jamnow - a musical collaboration site where you can jam with other musicians. Jam sessions can be broadcast live.
JamJunky - Organize your songs with JamJunky.
Kompoz - compose music with other musicians. Record a track, then invite other musicians to add to it.

Kareoke
Singshot - the “YouTube of Karaoke”: record yourself singing along to popular music and listen to others
kSolo - sing along to backing tracks, and rate the recordings of others.

Mixing & Remixing
Jamglue - remix your music online and listen to other users’ mixes.
Splice - upload samples, remix them and post them for others to hear.
YourSpins - mix your own version of your favorite track, share it and post it to your blog.

Various
Getabuz - create voicemail and audio e-cards online.
Houndbite - share funny audio clips from your life with others
iden.tify.us - can’t figure out where a certain melody comes from? Identify it with the help of this service..