Video with nothing else

[resnak]

Does anyone know how to make a kind of PiP that I can resize and move wherever I want?
I've done a lot of searching and i'm kinda surprised to find that, apparently, no one else is interested in this. (or maybe I can't find the right search string)
For instance, I've got the WinTV app that came with my Hauppage video card that allows me to switch to an interface that is always on top and has nothing but video and a window border. No toolbar or anything and I can resize it or move it anywhere on the screen while I do other things. I'd love to do that with VLC because I love to use VLC for everything but I can't seem to find a way so far. Surely I'm not the first to think of this... ?!