AppAdvice has once again teamed up with MEA Mobile in order to offer you a chance to win one of five promo codes for iLapse ($1.99) for iPad, iPhone, and iPod touch.

Most commonly, a “time lapse video” refers to an accelerated recording of a scene. These types of sped up sequences are often used in movies and documentaries to show a lengthy process, such as the building of a bridge, or to provide extra drama like a quickly developing thunderstorm. Now you can do the same thing for your own movies using iLapse.

By default, most options are set to manual with the capture rate being one frame per second and playback being 25 frames per second. For more control, just pull the toolbar to modify the frame and capture rates as well as durations. Not only can you set an automated stopping point for the full duration of the video, you can set session limits as well.

If that was the entirety of iLapse, it would still be a very useful and fun app. However, MEA Mobile has added a second capability, photo blending. Still utilizing sequenced capturing, the blend function can create a mesmerizing ghosting effect and more by layering similar images and mixing them in different ways to create still image art.

Once the photos have been captured, select the ones you’re interested in merging, and then one of the 14 effects. Each effect has a live preview and the original photos are not modified. In addition, iLapse has a built-in library for processed photos, therefore, you can view and compare previous blends without switching apps.

To have a chance at winning one of two iLapse promo codes, just hit that tweet button near the bottom of this page or retweet this post from your favorite Twitter app before Oct. 27 at 11:59 p.m. PDT. We will then search the Twitterverse for all of the retweets and randomly choose our lucky winners. The winners will be notified via Twitter, so please be sure to follow us so we can send you your promo code via a direct message.

Non-Twitter users and those of you who want to increase your odds of winning can leave a relevant comment below before 11:59 p.m. PDT tomorrow to have a chance at winning one of the other three iLapse promo codes. If you do make an entry via the comments area, please be sure to also check your junk email boxes so that you won’t miss out if you win.

Feel free to participate in the giveaway via either or both methods. Only one entry per person per method is allowed, totaling up to two entries per person if using both.