Ask RE: Tools/approaches for code extraction

I really like the idea behind Inspector Gadget (http://www.reddit.com/r/ReverseEngineering/comments/bcm4y/inspector_gadget_automated_extraction_of/) They are able to track the execution of given pieces of malware and then extract that functionality into a DLL for further analysis. I can't seem to find anywhere that the tool has been released.

Does anyone know of similar tools and/or approaches for extracting a piece of functionality? Ideally, something short of fully reverse engineering it and reimplementing in source code?