[YouTube-API] video trails -- Synching GPS data with video

I have an idea of synching the time-stamps of the GPS waypoints (being created with GPS reciever)
 and the video captured by the digital camera of a device (having both GPS receiver and digital camera).    In this way video trails can be created which would show the exact video footage corresponding
to the GPS coordinates.

To achieve this creation of a application for the device which binds the flow of GPS data with the
 video being captured at that time.Playing should be easy.When the video (having GPS data synched with it)
is played on youtube then the corresponding location,altitude could be displayed as an overlay to 2D map services 
(like google maps) or 3D visualization services (like google earth).

This would be a combo of youtube + google maps (or even google earth --displaying the corresponding location in 
3D).  Please give your suggestion on this idea its not implemented anywhere till now.
It would be one step ahead of Geo-tagging.

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