Does anyone know if it’s possible to Create a Camera Blur Effect like this Asset below in Unity Free?
Web Demo: Unity Web Player | WebPlayer
Asset Store: Unity Asset Store - The Best Assets for Game Making
it really sucks that this asset is only for Unity PRO 
as it’s such a cool Camera Blur Effect.
The closest thing I can imagine on unity free is the following scenario:
A road in racing game,on both side,it has two high and very long planes. The planes should not cast any shadow and contain a texture which simulates kinda same thing. The texture will only be active when you start drive and get a sufficient speed. This could be done by “shared material” type methods and members and invoking them in a custom CG shader. Though,rival cars resides on side, can not be so easily blurred. One way though. When you drive, a surrounded shadow less similar mesh(but not surrounded your own car) would be instantiated. The surrounded mesh will work similar to billboard. Normally a billboard work w.r.t camera.In this case,it will work w.r.t some moving point in game world.That point could be a children empty gameobject in your own car’s hierarchy.
Unfortunately, all common post processing-things (like Blur, Bloom, etc) need Unity Pro.
Don’t forget you can place a plane in front of the camera with a translucent material on it. It won’t do that exact effect, but you can fake some simple post processing that way.
Translucent materials might be problematic with Z fighting, though. Meaning that when several translucent objects overlap on screen the Z sorting might not be in the correct order and thus some of the objects appear to be falsely in front of another.
Good point. Isn’t that a solvable problem though?
Maybe you could try this, if directx dll is accessible in unity builds:
http://www.guru3d.com/files_details/sweetfx_shader_suite_download.html