This has been done in the past with extremely expensive optical setups costing hundreds of thousands of dollars that involve very short laser pulses and so-called streak-cameras. However, it is possible to accomplish much the same effect with modifications to off-the-shelf hardware for on the order of only a $1000. The paper describing this has been accepted to SIGGRAPH 2013 and there will be an accompanying technical demo in the Emerging Technologies area.
You can get an idea what the project does from the following video. If you happen to be attending SIGGRAPH this year, please stop by the booth to find out more!