VR vs AR - Possibility?

I've been pondering what I can do with the oculus rift goggles that is unique and entertaining. Interestingly enough, I had a dream of something that I referenced to as Alternate Reality. Virtual Reality puts you in a virtual environment while Alternate Reality modifies your current environment. I'll add this to the list of project Ideas as a thought. As far as making this work, I'm thinking that I would add bifocal cameras to the oculus rift glasses and create a program that pulls in visual data and renders content on to that virtual area. I know there was something similar created for phones in a 2D spectrum... I'm thinking we can do it on a 3D level. Alternatively, I was thinking I could the kinect to create a map of the room of which is uploaded to a computer, and the computer generates a map based on the objects and dimensions of the room.