Something similar to that is possible for video. For example: http://www.youtube.com/watch?v=rGMqXBvYxog

I'm working on porting this over to Seriously.js so it should run in the GPU, hopefully pretty fast. The first crack at it was not so good, and now I'm experimenting with some new features that are only in Chrome nightly builds at the moment (and buggy at that). So look for this in the next 3-6 months.