1. Two objects, that intersect eachother are present in a scene.
2. The operation is selected from a menu : Unify (A+B), Subtract (A-B), Intersect (A*B), Inverse Intersect (A/B)
3. The points (as in points in space) where the two meshes intersect (knife tool code), are created on the surface of the objects, and the two meshes are joined (whatever code responds to shift-j). Finally, doubles are removed in order to properly join the meshes. Now we have a combination of the two objects.
4. Depending on the operation, some points belonging to the mesh(es) are deleted, and faces are created wherever appropriate, ie. to cover up holes (haven't come up with an idea for this yet).
examples of this can be seen here - with the exception of Inverse Intersect; forgot to do that one, and can't be bothered now (just imagine what is left of the two meshes after the product is subtracted from both of them - it will look like A+B, with the sole difference that two objects will be left at the end):

A+B

A-B

A*B
Is this feasible?