One or more multi-state magnetoresisitive memory elements (MRMEs) (113) are used as the primary building block for various analog functional components implemented in corresponding analog functional modules. The MRMEs (113) are configured into a memory array to create a programmable resistive element (500), a programmable voltage source (900), a programmable current source (700), an analog-to-digital converter (ADC) (1900), a digital-to-analog converter (DAC) (1200), a phase lock loop (PLL) (2200) and various other analog functional modules. The magnetoresistive analog functional modules (113) are coupled together with at least one other logic module (107) in a system (101) to perform a process. When implemented on an IC, each module (113) may each be implemented with the same or with different manufacturing processes. The other logic modules (107) may be implemented in any desired manner, such as with magnetoresistive memory technology or any other type of technology providing complete system design flexibility. The system (101) may be implemented on any one or more of integrated circuits (ICs), chips, multi-chip modules, printed circuit boards (PCBs), and the like.