WinMorph is highly optimized morphing and warping software. You can morph/warp images and videos using WinMorph. Runs as a standalone application or as a "plug-in" for various video editors/compositors like Adobe Premiere, VegasVideo and Wax. WinMorph is one of the fastest morphers currently available with high quality output and professional tools to ease your work (intuitive shape based editing).

Freeware, but excellent support from the author. Flash-based tutorials are available showing how to use WinMorph, along with sample projects for image/video warping and morphing. Doubts/questions can be discussed with fellow users at the WinMorph UserForum website.