slowmoVideo

slowmoVideo is an OpenSource program that creates slow-motion videos from your footage.

But it does not simply make your videos play at 0.01× speed. You can smoothly slow down and speed up your footage, optionally with motion blur.

How does slow motion work? slowmoVideo tries to find out where pixels move in the video (this information is called Optical Flow), and then uses this information to calculate the additional frames.
http://slowmovideo.granjow.net/

Smoke in Ultra-Slowmotion from Simon A. Eugster on Vimeo.