How to remove static interference from video?

I am converting old baby videos onto the computer however one part of the video has always had this interference on it about 5 minutes, but if you pause the video you can make out parts of the image behind.
I was wondering if anyone knows of any software free or purchased for either windows 7 or Mac osx that I can use to remove this from the video and make it viewable again.
A screen shot of the current video being pause is available on the below link.
https://sites.google.com/site/helppics/

thanks in advanced for any help everyone.
Nick