I've been doing some of it since the past few days. I came across quite a few programs for both imagery and video. The greatest one (in my opinion), was a hack and not a program created by a youtube user about which I found out from a google search. Here's that original rotoscope hack.
The results were, however, not quite upto my needs. So I worked on it, and now I have a modified hack of that script, which I used to make this video.
You just get a video, get this script and a few packages and you're up and running. Bad news for my Windoze friends, as this only works on Linux. I don't know for sure at this point if the used programs are available for Windows, but if they are, I'll write a batch script to do the same on windows. Till then, use a live Ubuntu CD.
Here's the script:
Automatic rotoscope hack