Quoting from the July 2000 issue of Game Devloper Magazine:
"A collective of industry leaders is lending its expertise to the creation of a standard API for graphics, video, and audio media devices. The standard, called OpenML, offers a standard technique for input and output of audio and visual data in an effort to increase application portability across operating systems and CPU architectures. The API also offers extensions to OpenGL to handle compositing of multiple graphics and video streams. The Khronos Group, whose members come from companies including 3dfx, Discreet, ATI, SGI, and IBM, is leading the development"
Right now it's still paper only, but it sounds a little like Quicktime to me. Take a look at www.khronos.org.