DVD scripting for clean movies

I have heard of companies that edit movies to make them clean and sell the edited movies as "family friendly." What if someone were to make a DVD player that took "script" files that told it where to skip and when to beep or mute. It could probably also pixelate/block a part of the screen when needed. Then when you want to watch a DVD you would download the script file and watch a clean version of the film.

The DVD player would probably have to start out only working on computers. This could also work well for other uses. If you made a DVD of your child's soccer game you could make a script that is a 5-minute overview of the game but still keep the whole game.

Does this exist? Would it work? Are there licensing/copyright issues with the DVD format owners?