Kinetic Typography is animating text synchronized with either music or audio from movies. A great example is here. There are good tutorials that show you how create kinetic typography animations in Flash and Adobe After Affects, but I've used the Animoto service and it synchronizes motion of graphics with MP3s. There are algorithms that select the motion, apply it to an object, and some how time that motion with music.
Is there an open source library or framework that does this? Would it be possible to do this with ActionScript?
UPDATE:
I found Kinetic by Johnny Lee which is a Java platform that creates a QuickTime movie based on the animation you create. There is an API with this library. It looks interesting and also intricate as well. I've done some more research into web based solutions and am surprised that someone has not experimented with the Canvas tag for this. Does anyone know of work done in this arena with for Canvas?