[haro41]

Sorry for the old bump, but This is still an open topic and much desired feature of myself as well.
That effect is definitely possible, but only stationary objects, and their locations must be predefined, because a large black image would be placed over the level, with holes cut into the image where the lights are placed. If you move the lights, the image will have to be adjusted as well.

I suppose if you wanted to get fancy, you could make a large animated gif with moving holes. Like a train whizzing by would briefly illuminate the boarding gate.
Hell, you could make an animated mng with alpha transparent moving holes. Would look badass, but i can imagine the filsizes would be very large.

If you want... say, a hole over a light, and a mobile player as well, it doesnt work.