The behavior of the marginal power spectrum as a two-channel-multiplexed hologram is analyzed. Its "negative energies" make it quite different from the conventional holograms, i.e., it is not recordable in general and the objects to be reconstructed (the cross-spectral densities at both the aperture and the observation planes) are virtual. The holographic reconstruction results from the superposition of the spatial coherence wavelets that carry the marginal power spectrum. These features make the marginal power spectrum a powerful tool for analysis and synthesis of optical fields, for instance, in optical information processing (signal encryption) and beam shaping for microlithography.