Originally authored by Cmomoney, whose original script you can find here: http://www.blenderinmotion.com/resources/io_obj_as_shapekey.py (NB. This webpage is HTTP only)
OBJ-to-ShapeKeys
A Blender script for converting animations split into OBJ files to Shape Keys in Blender 3.2 When used with a cached bake, this allows you to save and import an object's animation as Shape Keys. By doing this, you can manipulate the object's transformations and add modifiers, as though it were a static object, saving you time on having to bake again!
I've rewritten this script for Blender 3.2, as the original was written for Blender 2.67, a time when Python 3.3 was still fresh and new.
Usage
Clone this repo, or download it as a ZIP file near the top by clicking Code -> Download ZIP.
For a brief demonstration of how this script is used, I recommend watching (and following) Ian McGlasham's video on cloth physics in Blender. It's nearly 10 years old, and much about the bells and whistles in the physics panel has changed since 2.67, but see if you can't muck about with the Cloth settings to see the script at work anyway. It should work with any animated object of any duration.