Noarm by Inear Display.
Inear Display has released Noarm, a free ring modulator and decimator effect unit for Ableton Live.
An audio effect somewhere between a ring modulator and a decimator. It grabs very small chunks of the input sound and treats them in a bad way (a bit hard to explain but a simple algorithm, take a look inside).
Noarm is available for free download via Inear Display (note that Max 6 is required to run this effect).
For more M4L freebies, check out SampleRider by little-scale and Max For Live Studio Essential Vol. 1 by nVoid Art-Tech Limited.
Links
Download Noarm: click here
