The most amazing things always come from Cambridge. Qi Pan, the winer of ISMAR 2009 Best Demo Prize has created ProFORMA, a soft that turns a simple camera into a magician. The program can track an object and then recreate it almost perfectly in 3D. By rotating the object in front of the camera it creates the complete 3D model. It sounds so awsome and, from what I see, it really is.
Read more on the official Cambridge page