Displacement Map in Unity3D like in Flash?

Is it possible to do something like this in Unity3D?

http://www.andysaia.com/radicalpropositions/?p=120

I've looked into the documentation and found image effect, but that requires pro and it seems like it apply to the whole screen. I want it to apply to one image only, and I don't have pro version :/

Unity (and many others) calls them UV's. Yeah you can do that. You'd dig into the Mesh and get/modify/set the uv coordinates.