What the heck is Augmented reality? Check out this video by Lee Brimelow on the FlashBlog:
http://theflashblog.com/?p=1453
This would be a great place to start a graduate thesis project.
One thing to note, many of the examples Lee mentions are 3d, but 3d is not a requirement. All of these ideas could be applied to 2d graphics composited with your video. This has many great possibilities.