I'd just capture (record) the audio and video while playing the music in a player like WMP, VLC, Media Monkey, WinAmp, etc, with its visualisation feature enabled and suitably configured to suit you.
Personally I wouldn't display a basic audio waveform as in your example, which IMO would quickly become boring. But that can be done if you wish. For exampe, VLC, GoldWave or Audacity, etc have that facility.
You can use the regular features of MEP 2014 to add titles and other images, etc.
Further to what Terry said, there is a possibility to do something similar in Magix Music Maker, but it cannot change the height of waves to correspond to the loudness of the sound.
Below is a video showing 2 clips made with the videos that accompany MMM. The video clips adjust for the beats per minute when dragged onto the timeline. The left one is at 140bpm, the right at 70bpm. I switched from one track to another so that you can hear the difference. I imported the 2 videos into MEP to put them side by side and complete the process.
The next video was all done in MEP using the Dancer 04 black video mxv format from MMM. I just changed the speed of the video 3 times, but kept the music constant. So if you have an appropriate video, you can do the same thing in MEP. You just can't do the same effect that you showed.
If this doesn't work I will add a link to Dropbox.
And for a litle fun and after a little bit of thinking about it, in Magix Video Pro X6 there is a waveform display. I captured it, brought it onto the timeline and superimposed the dancer. The waveform is generated by the music. I used some chroma keying on part of the dancer to remove the background.
This is not available in MEP.
If you have something in another program that can generate a wave, you can superimpose an image, like the record in your example. You could use some size keying to make it move to any strong beats.
And I just couldn't resist playing around with this a bit more. All done in Magix Video Pro X6 except for the music that consists of soundpools put together in Magix Music Maker. I could have imported the same soundpools directly into X6 but instead used a wave export from MMM.. The main steps were:
I used the waveform from the previous video that was recorded from the screen while the music played, resized it, mirrored it to the bottom and right to have 4 images.
I gave the upper and lower waveforms different colours.
I then applied the distortion effects whirlpool (58) and lens (70) to the 4 objects.
I added bg_light background.
I added a timecode from Titles and adjusted the location, size, transparency and colour. I noticed that there was a counter in the original file by diablo_thor001, so I added one.
Finally I added the music track corresponding to the waveform.
Of course, more could be done, but this gives an idea as to the possibilities with just the movie editor, albeit I did use the waveform from Video Pro X6.