Following recent works on the rate region of the quadratic Gaussian two-terminal source coding problem and limit-approaching code designs, this paper examines multiterminal source coding of two correlated video sequences to save the sum rate over independent coding. Specifically, the first video sequence is coded by H.264 and used at the joint decoder to facilitate Wyner-Ziv coding of the second video sequence. An efficient stereo matching algorithm based on loopy belief propagation is then adopted at the decoder to produce pixel-level disparity maps between the corresponding frames of the two decoded video sequences on the fly. Based on the disparity maps, side information for both motion vectors and motion-compensated residual frames of the second sequence are generated at the decoder before Wyner-Ziv encoding. Preliminary results on stereo video sequences using H.264 in conjunction with LDPC codes for Slepian-Wolf coding of the motion vectors show savings in terms of the sum rate wh...