That could be challenging project. I
f you use an image format that has support for transparency, then you could use a little dhtml to layer pictures on top of each other. I hear that png has support for transparency and also support for photo quality images. If you're real good with photoshop and download speed is not the most important factor, you can do it with gif.
If you pull this off, send me the url so I can see it.
Actually, I just thought of a site that is already doing this. If you go to the ferrari web site, they have a little application that let's you pick the color of the car and put it in the scenery of your choice. I saw it a few months ago, so I don't know if it's still there.
I'd like to try to find it, but it doesn't look good if I'm at work checking out the Ferarri web site.
Good Luck,
Matt