insert media into post ( [audio ...] )

In the “Insert Media” screen when editing a post, how would one go about changing the functionality of the “insert into post” for an mp3 (or other media files)?
the current functionality adds a link to the media file into the html, but i would like the “insert into post” to add shortcode instead:
ie, from:
sample audio link
to:
[audio http://www......sample.mp3]

where the result would be an audio player as opposed to a link to an mp3 file.

if there was a hook i could use behind the “insert into post” button, that would be great, but i haven’t been good enough to find it. any ideas on how to implement it cleanly?