Displacement Map in Unity3D like in Flash?

Is it possible to do something like this in Unity3D?


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.