Could be many things. Right below the AM radio band many people setup hobby transmitters for medium and long wave experimental transmitting using
methods as simple as morse code to more complex stuff such as data bursts.
As the person above me said it could be a TIS (Traffic information station) that just happens to have a cruddy transmitter causing a wobbling
sound.
Also people are allowed to use Part 15 accepted power levels to broadcast whatever they want on the AM broadcast band in the 100 milliwatt range.
Frequencies below the standard AM BCB are called Longwave frequencies and some of those frequencies people are allowed to use up to 1 watt of
transmission power unlicensed for hobby stuff or experimenting.
Of course everything above the AM BCB up to 30MHz is called "Shortwave" just for reference
There are quite a lot of beacons and data stations right below 530Kc which would explain what you could be hearing. If a station on a frequency a few
kilocycles below 530 was operating even with really low power it could heterodyne with the well known Spanish station on 530 causing you to hear the
beat frequencies of the two mixing together. This would allow you to hear something that may sound bizarre.
It's probably just some kind of data transmission and you are just able to hear it because it's mixing with another station on that channel, or
someone is messing with that frequency out of experimentation.
[edit on 11/22/2009 by darklife]