Eric, the amplitude of the combined signals is just the sum of the amplitudes of the two component signals. In other words, at the envelope's "peak" the two signals are combining "in phase" (for lack of a better word), and at the envelope's "anti-peak", they're combining "out of phase" (ditto). To illustrate:
A1 = 1, A2 = 1 . . . Envelope peak = 2, Envelope minimum = 0
A1 = 1, A2 = 2 . . . Envelope peak = 3, Envelope minimum = 1
A1 = 2, A2 = 1 . . . Envelope peak = 3, Envelope minimum = 1
It's just signal interaction. The energy is in the two signals themselves. An FFT would show the two component signal amplitudes at their correct frequencies and nothing else. In the time domain, though, the envelope shows up as the signals constinuously slide between constructive and destructive interference.