WinMorph

Product: WinMorph v3.01
Author: Satish Kumar
Website: www.debugmode.com
Type: Freeware
Requirements: Windows 98/Me/2K/XP

WinMorph is a high performance morphing and warping software. Works both as a standalone application and as a plug-in for various video editors to get best of both worlds.

Other highlights:

Intuitive shape-based morphing for both ease of use and high degree of freedom.
Advanced keyframing, blending and distortion tools for total control.
Can do dynamic morphing (also called video morphing).
Input file formats include JPEG,BMP,PCX,PNG,PBM,TGA,TIFF.
Output file formats include JPEG,BMP,PNG,TGA,TIFF,AVI,MPEG and SWF (that's right, Flash!).