The BabyExp project is collecting very dense audio and video recordings of the first 3 years of life of a baby. The corpus constructed in this way will be transcribed with automated techniques and made available to the research community. Moreover, techniques to extract commonsense conceptual knowledge incrementally from these multimodal data are also being explored within the project. The current paper describes BabyExp in general, and presents pilot studies on the feasability of the automated audio and video transcriptions.