Yes and no, it is possible to create very interactive video presentations using html5 video objects, but this requires much more than just the video object itself. You can embed a video in a canvas object, and then ruin the actual frames of the video image, you can overlay any html visual element on top of the video object itself, and then animate it, you can control the video playback using buttons, clicks of events, etc. You can even if the video object controls the rest of the page with time-based listeners.
Popcorn.js is really really good and easy to learn, letting you do whatever you mention.
http://popcornjs.org
http://popcornjs.org/demos
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