No, it can't physically dip the eggs, but anything you wanted to know about stamping, decoupaging, patterning, batiking or camouflaging is now at your fingertips. Which, ideally, should not be covered with dye. In fact, this is a potentially really bad idea.
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The Martha Stewart ipad app is by far the best thing about the ipad, I've found. It's very nearly worth the cost of getting one, I shit you not. It's really beautiful, and it experiments with what an online magazine can be.