Well, after watching the video a few times this is how it works (as best I can tell):
You make a box, and project your front and side images onto the front and side of the box (I’d imagine you could do top/bottom as well if you had the notion). You make a sphere inside this box and use the move tool to shape it into the general proportions. You can then project the image that is on the box to the sphere, which I assume is projected as a mask. Once the mask is in place, you can displace the unmasked area to give you a guide for sculpting (similar to the method employed in the “modeling with your texture” video from RyanK). After that it looks to be good old fashioned sculpting. No ‘monster maker’ button anywhere to be found 
