Despite its age, quantum theory still suffers from serious conceptual difficulties. To create clarity, mathematical physicists have been attempting to formulate quantum theory geometrically and to find a rigorous method of quantization, but this has not resolved the problem. In this article we argue that a quantum theory recursing to quantization algorithms is necessarily incomplete. To provide an alternative approach, we show that the Schrödinger equation is a consequence of three partial differential equations governing the time evolution of a given (...) probability density. These equations, discovered by Madelung, naturally ground the Schrödinger theory in Newtonian mechanics and Kolmogorovian probability theory. A variety of far-reaching consequences for the projection postulate, the correspondence principle, the measurement problem, the uncertainty principle, and the modeling of particle creation and annihilation are immediate. We also give a speculative interpretation of the equations following Bohm, Vigier and Tsekov, by claiming that quantum mechanical behavior is possibly caused by gravitational background noise. (shrink)