If you have the Signal Processing Toolbox, try this:
% Record from microphone, modulate it, demodulate it, then playback everything
input = wavrecord(44100,44100);
am_mod = modulate(input,5000,44100,'amdsb-tc');
fm_mod = modulate(input,5000,44100,'fm');
am_demod = demod(am_mod,5000,44100,'amdsb-tc');
fm_demod = demod(fm_mod,5000,44100,'fm');
wavplay(input,44100);
wavplay(am_mod,44100);
wavplay(fm_mod,44100);
wavplay(am_demod,44100);
wavplay(fm_demod,44100);