I had to try this myself, and this is what I came up with:
<!DOCTYPE html>
<html>
<head>
<script>
var EventListener = function(element, callback) {
    this._el = element;
    this._cb = callback;
    this._at = false;
    this._hasBeenVisible = false;
    this._hasBeenInvisible = true;
    var  _me = this;
    window.onscroll = function() {
        for (q in EventListener.queue.onvisible) {
            EventListener.queue.onvisible[q].call();
        }
        for (q in EventListener.queue.oninvisible) {
            EventListener.queue.oninvisible[q].call();
        }
    };
    return {
        onvisible: function() {
            EventListener.queue.onvisible.push(function() {
                if (!_me._at && _me._hasBeenInvisible && (window.pageYOffset + window.innerHeight) > _me._el.offsetTop && window.pageYOffset < (_me._el.offsetTop + _me._el.scrollHeight)) {
                    _me._cb.call();
                    _me._at = true;
                    _me._hasBeenVisible = true;
                }
            });
            EventListener.queue.oninvisible.push(function() {
                if (_me._hasBeenVisible && ((window.pageYOffset + window.innerHeight) < _me._el.offsetTop || window.pageYOffset > (_me._el.offsetTop + _me._el.scrollHeight))) {
                    _me._hasBeenInvisible = true;
                    _me._hasBeenVisible   = false;
                    _me._at = false;
                }
            });
        },
        oninvisible: function() {
            EventListener.queue.oninvisible.push(function() {
                if (!_me._at && _me._hasBeenVisible && ((window.pageYOffset + window.innerHeight) < _me._el.offsetTop || window.pageYOffset > (_me._el.offsetTop + _me._el.scrollHeight))) {
                    _me._cb.call();
                    _me._at = true;
                    _me._hasBeenInvisible = true;
                }
            });
            EventListener.queue.onvisible.push(function() {
                if (_me._hasBeenInvisible && (window.pageYOffset + window.innerHeight) > _me._el.offsetTop && window.pageYOffset < (_me._el.offsetTop + _me._el.scrollHeight)) {
                    _me._hasBeenVisible = true;
                    _me._hasBeenInvisible = false;
                    _me._at = false;
                }
            });
        }
    };
}
EventListener.queue = {
    onvisible:   [],
    oninvisible: []
};
function addListener(element, event, fn) {
    if (typeof element == 'string')
        element = document.getElementById(element);
    var listener = new EventListener(element, fn);
    if (listener['on' + event.toLowerCase()])
        return listener['on' + event.toLowerCase()].call();
}
window.onload = function() {
    addListener('event-element', 'visible', function() {
        alert("Element One Visible!");
    });
    addListener('event-element', 'invisible', function() {
        alert("Element One Invisible!");
    });
    addListener('event2-element', 'visible', function() {
        alert("Element Two Visible!");
    });
    addListener('event2-element', 'invisible', function() {
        alert("Element Two Invisible");
    });
}
</script>
</head>
<body>
<h1>Hey!</h1>
<div style="height: 1500px;">
Please scroll down some pixels.
</div>
<p id="event-element">
    This element should cast an event 'onvisible' and 'oninvisible'.
</p>
<div style="height: 1000px;">
</div>
<p id="event2-element">
    Another one!
</p>
</body>
</html>
Tested in:
- FireFox 3.6 (works)
- Chrome 6.0.472 (works)
- Opera 10.62 (works)
- Safari 4 (Works in a very buggy and
irritating way, don't use popups if
you try it here!)
(The code is also available on PasteBin)
The above code is not optimized in any way, I just started writing and ended when it worked. Preferrably you would probably want to use only one queue, refactor some code and make it more generic. Provided as is.