PUGGO: TOOT = Two Out Of Three.
I've never used TOOT myself, but the idea behind it is just plain brilliant in its simplicity. I can't seem to find much info still hanging around on the net at the moment about it, but you might like to have a look here for a little more information and a basic description of how it works. I think Karyudo is the person who started and owns the whole TOOT project. If you're interested in downloading it and having a go, then it looks like Moth3rs' download link on this page still works. I'm not sure if there is a later version of the filter though.
Moth3r: Many thanks (yet again) for the info. I agree with you that there are many variables that would make an audio-TOOT extremely difficult if not impossible, but thought it a good idea to at least find out.
As it turns out, I have got a few VHS movies and some LP's where I have 2 fairly decent copies of the same material and was thinking of looking for a way of combining them to get rid of any audio nasties. TOOT just sounds like a great idea to me that could have wider ranging uses than purely LD or video restoration.