Is This Citizen-Journalist App Possible?

I often ride/travel with my phone in a messenger bag strap holster, like this:

Phone holster messenger bag timbuk2 case

I wonder if you could write a (jailbreak) app like Meporter or Qik that would start or pause recording with a certain pattern of presses on the top button. That would make it great for capturing car accidents, dirty cops, or even just unusual urban happenings. Bonus points if it used the gyroscope to correct the orientation of the inevitably slanted footage, and for live-streaming it to a secure server in case the 5-0 take your phone.