The Collaborative International Dictionary of English v.0.48:

modulated \modulated\ adj. (Electronics)
   1. Having either amplitude, intensity, frequency, or phase
      altered at intervals to represent information to be
      transmitted; -- of the carrier wave of a radio signal
      transmitted from one device to another for the purpose of
      conveying information. Opposite of unmodulated.
      [Narrower terms: frequency modulated; amplitude
      modulated]
      [WordNet 1.5]

   2. altered in volume as well as tone or pitch.
      [WordNet 1.5]