animation of object that changes irregularly

i imagine that it is possible to animate a sphere that changes size, shape and color irregularly. i am wondering if it is possible to make a blender animation of http://www.astro.uu.se/~bf/movie/dst35gm04n26/st35gm04n26_I1brm.mpg

One way would be to make a movie of a cloud texture and use that as an input to a displacement modifier.

Or:
Instead of a movie to feed the Texture Coordinates of the Displacement Modifier, you could set them to ‘Object’ and choose/create a scene object as the coordinate master which you then animate (rotate + translate + scale) as desired. By this the displaced object will be irregularly transformed.
To get the colors move with the distortion, create a color texture and set its mapping coordinates to Object. Select the same master object as used for the displace animation. Now the diffuse texture should transform according to the displacement.