I have been looking into ways of masking images on the iPhone. I came across this solution
http://iosdevelopertips.com/cocoa/how-to-mask-an-image.html
which
I haven't tried this for performance, but you can use a Core Animation layer as a mask. You can define a path to use in a CAShapeLayer and fill the shape. Then specify the layer mask of your UIImageView's layer. Something like:
CGMutablePathRef path = CGPathCreateMutable();
// build the path by adding points
// ...
CAShapeLayer *shapeLayer = [[CAShapeLayer alloc] init];
[shapeLayer setPath:path];
[shapeLayer setFillColor:[[UIColor blackColor] CGColor]];
// Set shape layer bounds and position
// ...
// Set the mask for the image view's layer
[[imageView layer] setMask:shapeLayer];
Keep in mind that this isn't actually creating a new image as the link you reference does. This just creates a mask for display over top of your image view--which may not be what you want.