What is this amplifier doing, exactly?

Hey Nick,
This is the amplifier I have in my fencing scoring machines, driven by a burst of Tone to make a nice two-tone warble when a touch is scored (sounds like cell phone ring).
Can probably replace the MOSFET with NPN too. (The IFR3707Z apparently went obsolete right after I bought a sleeve of 10.)

When input is Low, transistor is off, cap keeps any DC from flowing into the speaker, but the yellow wire sits high.
When input is High, transistor turns on, pulls cap low to move speaker one direction.
When input goes back high, the cap goes high and the transition thru the cap drives the speaker the other other direction until the cap charges up again.
So Tone makes a nice sound with this MOSFET and speaker. The 68 ohm resistors were an attempt at high/low volume control - my wife says it is still way too loud.

IRF3707Z.pdf (265 KB)