Arduino as video player or controller?

I have no idea whether what I want to can be accomplished with an arduino, or if I need to look for other solutions. Basically I'd like to load video clips onto an sd card or other storage media, and use the arduino to send these clips to an lcd display, skip through the clips, and if possible do some glitchy effects. Alternatively, would it be possible to use an external video source and run it through the arduino and use the arduino to do some glitchy effects on the video (frame stutters, rgb seperations, etc.)? I haven't gotten my arduino yet, but this project is something I'm going to work on regardless of whether the arduino can do it or not. Any help or references are appreciated. Thanks!

This is probably beyond the abilities of the Arduino. It doesn't really have enough pins to drive the average LCD panel, nor the speed to pump video from one source to another (unless you had in mind 32x23 pixel resolution.)