Using a projector to project a "hole"?

I’ve just discovered projectors, and it seems to be an area I might need to explore some more.

Is it possible to project a hole? so for example, if anything becomes between the player and the camera, could the projector just project something to make the object in the way transparent, but only around the player?

If you just want to have the player show through everything, you can make it render above everything else:

http://answers.unity3d.com/questions/17841/always-render-a-object-on-top-of-another.html

http://forum.unity3d.com/threads/35808-Projecting-a-hole