Zoomba, copy/paste is bad for Transformers.

Rumble and Frenzy are the cassettes that Soundwave ejects. The MP3 player don't have any name for them other than being called "Spark Blue" or "Sonic White". $150 for him is way overpriced and the early buyers were able to snatch him up for under $100. Mentioning him now won't do much good other than rake in the profits for the online e-tailers who mark up the pricetag to reflect the supply/demand and market value of the piece.
Along with Soundwave, there are also earphones that transforms but they're designed similarly to Sony's clip-on earphones. The ear pieces are the part that transforms and they are appropriately named Rumble and Frenzy there.
There's a 2nd run of these MP3 players now but they still suffer from some design limitations. Obviously it only plays mp3s but Hobby Link Japan's product page indicate that it cannot handle miniSD cards larger than 1GB. Those that have 2GB miniSD cards will be out of luck but 1GB isn't entirely too bad all things considered. A 6-hour battery life on AAA battery is okay at best but I suppose nobody is going to be luggin' around Soundwave for more than 6 hours.
I kinda wish that there were a whole lot more of these Soundwaves to go around but it's very pricey to get a "1GB" mp3 player at US$90 and up. There are better alternatives out there from a practicality standpoint. Despite this, we know that only the most hardcore Transformers fan will be snatching one of these up.