I've got a workflow that gets close to that - I use a "smart pen" for architecture diagrams, you have to write on special paper but in exchange you get a digital version of everything you write/draw, indexed by time (and, if you want, you can record audio as you're writing/drawing and later replay the audio it recorded by pointing at some part of the text)

It's quite useful for architecture diagrams, and for capturing requirements in a meeting (because you've got full audio of what the client said).

The main drawback of the pen I use is it's quite bulky (I use a pen from livescribe), although I suspect there will be better-proportioned pens nowadays...