Cycles Render Engine with Live Footage

I have been using Cycles for most of my animations recently. I also do a lot of cg for film using Blender’s internal render engine. Does anyone know of a way to use Cycles as a composite for film? All I could think of was to make the world green and use it as a “green screen” to add an alpha channel later. Any other ideas?

All I could think of was to make the world green and use it as a “green screen” to add an alpha channel later. Any other ideas?
Make the background transparent ?

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the holdout shader node lets you alpha-mask out objects

You must set RGBA like in privios versions and check transparent under film in the render settings

Thanks guys! This really helps. I guess there is no way to do the compositing inside Blender using render layers though, right?