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Yes it is very possible and is done often. Not only the flicker
removal but the frame rate adjustment (so your WWI soldiers don't look
like they're all doped up on speed). I'm sure a web search could turn
up some references. Or browse around here:
http://iris.usc.edu/Vision-Notes/bibliography/contentsimage-proc.html#Image%20Processing,%20Restoration,%20Enhancement,%20Filters,%20Image%20and%20Video%20Coding