cordura21,
Fundamentally, with an X-Y axis of Frequency vs. Amplitude, yes, the amplitude has a direct relationship to the output volume. And yes, the frequency can have a direct relationship to the current (but not really the way you may think, or are theorizing).
(A lot of this explanation involves some linear electronic theory, not the easiest thing to understand if you have no background in electronics - I don't know what your experience is.)
The relationship between voltage and current in an electronic circuit is dependant on the resistance or impedance of that circuit.
A plain resistive load is one that restricts direct current (DC). We're not concerned with this.
An impedance is a measure of inductance, capacitance and resistance that restricts (or allows) an alternating current (AC). Inductance and capacitance in a given AC circuit react differently to different frequencies. Simply put, more current is required to push lower frequencies through an inductive load (say, a speaker), than high frequencies. So, when you're playing your low E bass string through your amp, you are causing more current to flow through your output transistors than if you were to play your guitar (at an identical volume), at the 12th fret.
As I said this is pretty simplistic, and for your purposes (looking at a Freq vs. Amplitude waveform in an audio editor), the amplitude of the waveform is directly proportional to the voltage AND the current flow in your amplifier, and the frequency will also have an effect on the current flow.
This also applies to microphones, but on a smaller scale, as there is much less current flow in the pre-amp circuit than a speaker, and the microphone itself (especially an LDC) is also more capacitive in the way it reacts to sound pressure (but that's another whole medium that others are much more familiar with).
Hope I was clear enough - it's been a while since I've delved into theory. I think I've even confused myself...
mike