Initial Transitions - Luma / Fade

We need to implement the follow 2 transitions:

1) Fade - This is really just key-framing the alpha to either fade in or fade out a clip
2) Luma - This is a great transition, which uses a gray-scale image to transition 2 clips. We need to provide many basic ones, such as Blinds, Vertical Blinds, Fade from left to right, right to left, top to bottom, bottom to top, Star, Key-hole, etc...

The user should be able to drag a transition from the tree onto the timeline, and position it between 2 tracks. I imagine it will be semi-transparent (showing the clips behind it), and over lap the original clips (a bit). The overlap might only cover-up half of each clip... kind of floating between the tracks.