I may be going against the grain in this forum, but personally I would like to see the ability to create a threat meter.
To answer the original poster, at this time the API does not allow for any such addon to be created. That may or may not change.
Some people have voiced thier opinions as to why it should not be allowed. My personal opinion is that it enhances overall gameplay. The more information you have the better you can be, and that goes for just about anything. It allows the player if he or she chooses to have the ability to use spells or cooldowns based on the level of threat.
If everyone else gets a vote for the money they pay to play, i want my vote to be heard as well.