I got inspired by tase (http://blenderartists.org/forum/showthread.php?t=181284) and tried some camera mapping myself. This is what I came up with…
It’s rendered with blender internal renderer and the textures are all procedural ones. The shadows didn’t come out very strong, so I retouched them with gimp afterwards. I’m aware that the lighting as well as the colors of the tentacles are a bit off but for now I call it finished anyways (failed to fix it easily and right now I’m fed up with this .blend).
All the best,
-zapman
(Edit: the pic wasn’t taken for this on purpose, just a pic I found browsing by folders… 
)
