It reminds me of the 1960s Doctor Who intros. I've seen things like that documented online. All it really entails is the ability to use an editor and do some basic effects in an effect package. Adobe After Effects, for example. Not that I can do it either -- not my thing. But I know how, and I've seen it.
I'd look around some at the Doctor Who restoration site. I'll do the same, as I have some bookmarked. (Yes, I like The Doctor!)
For example, a quick search of Youtube pulled this up:
http://www.youtube.com/watch?v=inT-B7Df-4M (watch first half)
I bet Doctor Who was the inspiration of that Video Wave editor.