Hotbox of Brian Kendall is a small background application to show any area you marked in fullscreen mode. You are not bound to static content, but can also use it to zoom into parts of running videos. The utility is controlled via a central hotkey (default: ⌥⌘1) and uses OS-X’s built-in zoom functionality.
Configuration of the tool is done via a newly installed preference pane in OS X’s system preferences:
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