Our company uses a system that does just that. It is Day Communique 5. The management UI allows you to manage your templated web content in much the same way as the digital content. You can store any kind of binary, including movies, graphics, PDFs, or flash.
Whether the content is textual (templated) or binary, you can render your site via components that pull from either. You can tag assets and use the tags in search queries to render your site. Some sections of our site are rendered via search queries straight into the DAM - it looks like a static HTML page, but it is dynamically generated prior to being cached in our edge cache.
The binaries have renditions (thumbnails) automatically extracted upon import. Metadata is automatically extracted.
The DAM is accessible via mapped drive with the help of WebDAV. Also, you can use the management interface.
It's a system that has worked out well for us. Our non-technical authors now upload their own movies and PDFs, and are able to make them show up on the site by configuration of a simple component on each page.