is there any type of regulator circuit that can say take 12 volts down to 5 and take the 7 volts dropped and feed it to another device instead of heat for example a 12 volt motor
The point of linear regulators is that they "burn" the over-voltage by the drawn current to make the voltage out very precise. It adjusts the amount of "burn" very quickly to changes in draw. If you draw a lot of current on the voltage out, it means it has to burn a lot of current, and it'll get warm. A load that it cannot control precisely (such as a motor) won't be useful to the regulator.
On the other hand, the point of a switching regulator is that it basically works as a low-pass filter on a PWM signal, where the duty cycle of the PWM is set to coincide with the voltage/current draw needed at the output.
It is possible to build a switching regulator that switches "to" something when it's switching "from" the regulated output. The available power (voltage) on the "to" output would then vary inversely with the draw of the regulated output. However, this is not really a win, because the "off" part of the PWM duty cycle doesn't really "cost" any power -- this is how well-designed switching power supplies can have > 95% efficiency in their sweet spot.