Well… free VJ software exists :
the following is old but free http://aestesis.eu/elektronika/ There are others too if you google for it… like [url=“http://www.visualjockey.com/”]http://www.visualjockey.com/
There is dedicated hardware like : http://milkymist.org/3/ which is inspired by milkdrop the visualization engine of winamp.
For paid software… you got resolume and arkaos vj (or one of its newer incarnations)
In the time I still worked with my vcr and my video-cam… I had a pc with arkaos attached to my midi-network… which was nice… the mc909 was driving arkaos
so i had realtime videos going straight into the vcr instead of the cam.
I am sure you can get simular results with the octatrack… might even be better
cause the crossfader sends out midiCC which you could tie between some crossfading filter… make it move a bit more…
So yeah
happy days for those who like to tinker with stuff…