Easy Image Stamp is a fast and free app which allows you to “stamp” image onto a canvas. It fully supports alpha transparancy and pixel blending in images, so you can stamp rounded corners to your hearts delight. You can load an image in as a background, or just stamp images onto a blank canvas. It features the almighty undo button!
You can use this to generate lolcat memes, edit photographs, cencor photos, photo collages, and more.
You can download it from the Android Market here.
Update 4/2012 This is now open source and hosted on GitHub. Check it out at my GitHub page.