looks like an interesting idea. Your incoming audio must go through a capacitor then be biassed to 1/2 Vcc to keep the signal between the Vcc line and earth. Then you need anoother capacitor and a resistor to earth to restore the signal back to AC.
What steps of attenuation are you going to use?
In a similar vein, I have had an idea for an audio attenuation, based on sampling the audio with a variable mark/space ratio, high frequency pulse wave form. If there are .1 micro seconds "holes" in the audio every 1 micro sec, then after the filter, you should get 90% of your audio. If you change the mark/space ratio so the "holes" in the audio last for .99 microseconds, after the filter you will get 1% of your audio amplitude.
Frank