This is an interesting idea. I've never heard of something like that, but I could see a market for it.
I know of a couple alternatives which do exist:
1) Get a telephone which does distinctive-rings for different callerID classes. You can put people you WANT to hear from into a certain list, people you DON'T want to hear from in another list, and unknowns in a third list. Then the phone will ring with different types of tones depending on which list the number falls into.
2) Get a cordless phone with CallerID on the handset. Then have the cordless with you while watching TV.