We released Ekstazi tool (http://ekstazi.org/) last year that implements novel test selection technique for Java. (The details of the technique are discussed elsewhere.) Ekstazi has been adopted by several projects. Hopefully it will be useful for some developers that see these lines.
I love this idea, because my developers could just run the tests that were most likely to have changed locally, and then we can run the full test suite (in parallel) on our CI machines. Of course, to reach the full potential, the coverage output (from the full run) would need to be added to the project to determine what individual tests should be run.
Greg Young did the same thing in .Net; he built a product out of it. In the end he figured out it wasn't a viable business, so he made it open source. You can download it here http://www.continuoustests.com/ and the code is OSS.
There's a pretty well known plugin that does something similar to this in Java land; https://infinitest.github.io/. Integrates with both IntelliJ and Eclipse. Works wonders.