There does exist an iPhone App that mimics the effect but I can't find any version of it for Android devices but I wish I could!
Pattie Maes and Pranav Mistry demo SixthSense | Video on TED.com
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SixthSense - MIT Media Lab
Pranav Mistry may have one of the coolest names around, but he's also a total genius. Mistry, a PhD candidate at the MIT Media Lab, spurs the invention of way cool PC-killing stuff. His most acclaimed innovation to date? "Sixth Sense," a "wearable gestural interface that augments the physical world around us with digital information and lets us use natural hand gestures to interact with that information."