In this paper we report on the development of a Fourier-transform based signal processing method for laser-locked Continuous Wave Cavity Ringdown Spectroscopy (CWCRDS). Rather than analysing single ringdowns, as is the norm in traditional methods, we amplitude modulate the incident light, and analyse the entire waveform output of the optical cavity; our method has more in common with Cavity Attenuated Phase Shift Spectroscopy than with traditional data analysis methods. We have compared our method to Levenburg-Marquardt non linear least squares fitting, and have found that, for signals with a noise level typical of that from a locked CWCRDS instrument, our method has a comparable accuracy and comparable or higher precision. Moreover, the analysis time is approximately 500 times faster (normalised to the same number of time domain points). Our method allows us to analyse any number of periods of the ringdown waveform at once: this allows the method to be optimised for speed and precision for a given spectrometer.