Yes my crafty friends there is such a thing.
It is the INKADINKADOO STAMPING GEAR TOOL by EK Success.
Check out the video demo:
Another cool thing about this system is that you can actually use any existing acrylic stamp you have in your stash that will fit on the stamping paddle to create all kinds of designs as well as the options provided by Inkadinkadoo.
The kit contains a circular gear, an oval gear, center pieces, a stamp handle and 4 sets of foam mounted rubber stamps. However, you could use any non-wood mounted stamp as long as it fits onto the stamp holder like I mentioned above.
It is said the kit will retail for $39.99. I am not sure when it will hit the market but be on the lookout for this one. It made quite a splash at the Winter CHA 2012 Trade Show recently.
Looks like a fun one to me.