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Basically, you would toggle which of the sets of product data to show.
This would require extensive customization of both your backend and frontend.
On your backend :
You would need to index all the child data into the records of the parent (colour, stock and image) so that it is available to be used to power the swatch.
You can learn more about customizing the Magento extension backend here.
On your frontend :
You would need to add logic that replaces the images and add the strike through on the colors which are not in stock.