Morpheus is a graphics tool that lets you morph from one image to another. Two versions of the program are included; there is one for beginners and another for advanced users. Both versions support clean-looking interfaces and can open many popular types of images. You can save your morphs in Flash, animated gif, JPEG, AVI, BMP, and other formats. You can load any two pictures into the program's viewer boxes and then drag and drop dots onto each image, creating the final morph. The more dots you place on the pictures, the smoother your end results will be.
More info:
hxxp://www.morpheussoftware.net/