The authors identify intensive low frequency (ω ≪ ωci) fluctuations of density (ñ/n ≳ 0.1) and potential (eLF/Te ≳ 1) in the peripheral plasma of the URAGAN-3 torsatron during plasma production and heating by RF fields with a frequency ω0 ∼ ωci. Given their space-time characteristics, these fluctuations would normally be attributed to the development of natural drift oscillations on the density gradient; however, the energy source which maintains the abnormally high level of these oscillations lies in the waves generated by the antenna. It has been demonstrated that the low frequency oscillations occur as a result of parametric instability of these waves. Low frequency fluctuations may give rise to appreciable ion heating in the peripheral plasma (Ti ≳ 100 eV), and also help set up an ion flux onto the surface intersected by the divertor magnetic flux.