Look at blend modes, with them you can do masks which is similar to the effect in the link. There is a blend mode example that comes with C2.
A simple how to would be:
Add a layer
Set it's property "force own texture" to true.
Add a Sprite to that layer that you want to display.
Add a second Sprite for your erase mask. Set it's blend mode to destination out.
Now the second Sprite erases from the first where they overlap.