VDMX unfortunately doesn't have this feature built-in, but fortunately has beautiful integration with Quartz Composer - allowing me to build a quad warper in QC using a GLSL vertex shader, which should be super fast.
Also, around the 4:30 mark you'll see me masking the video on the box in the back. This is also using a custom Quartz Composition which allows 4 point mask creation. Usage is almost identical to the QuadWarper, but instead of warping the image it just applies a mask, or you can invert the mask and it cuts a chunk out. You could do the same by creating new layers, grouping, using as a layer mask etc. but its a a bit more hassle I think. Using the QuadMask is a lot quicker and you can put multiple QuadMasks on the same layer to draw more complex masks.
This is a little test using GLSL in Quartz Composer 3.0, and controlling via VDMX. All happening in realtime and completely audio-reactive with no post production or timeline animations etc. The potential is humongous and very exciting!!
Soundtrack "Caliper Remote" by Autechre (from LP5 - 1998)
Who needs autechre when you have a bunch of mad girls!
P.S. I have hours of footage of this if anyone is interested :P