A combined muffler and heat exchanger apparatus is provided. The apparatus includes a housing defining a heat transfer chamber and an acoustic attenuation chamber separated by a partition. A flow regulator and a fluid transport member are disposed within the heat transfer chamber. The flow regulator is adapted to regulate the flow of a first fluid, such as a heat source, between an input end of the housing and the partition. The fluid transport member is adapted to contain the flow of a second fluid. An acoustic regulator is disposed in the acoustic attenuation chamber and extends longitudinally from the partition to an output end of the housing. The acoustic regulator is a metal tube including a plurality of apertures adapted to attenuate exhaust stream acoustics associated with an automotive vehicle power source.