Any freeware app that enables music on mute or hold music during a call ?

[plainman007]

Hi,

When im talking on a call, if i hit mute, the call becomes silent for the other party. Is there any app which will enable me to mute the call with a prerecorded message mp3 file such as "you are with mycompanyname, plz hold we regret the inconvenience" or a music bit ?

Thanks