Dynamic Price and availability

Is there a way to have the price and availability on the product page update dynamically when product options are selected?

For example Product A comes in Red and Blue, the price for Red is 5.95 and the price for Blue is 5.50. The default is Red.

Can the display price change from $5.95 to 5.50 when the buyer selects "Blue" from the option? And then back if they change it back to Red.

Also is there a way to tie the option to inventory level? Say we have 10 of the Red and currently out of stock of the Blue.

Option Price Update will update the price as the option changes. Options also have stock levels and with a mod like Options Plus combined with Option Price Update, you can have images changing, prices updating, and more
Details on both here

Can the image update be applied to the main image?

jbarrick wrote:Can the image update be applied to the main image?

yes, that is already how it works

Is there a way to have the model number update on the order based on the option selected?