Transparent ballot box
I think this monitoring can be taken a step further by supplying independent monitors with time stamp enabled digital still camera. With digital cameras getting cheaper, smaller and more powerful everyday, both in terms of zooming and blow-up capabilities, an observer or any voter can take pictures of the ballot box at different hours on the poll day. These pictures, provided the ballot boxes are clearly labelled with the polling centre identification, can later be used to contest any unusually large turnout.
An even better, though little costly, solution would be cell phone cameras with instant transmission capabilities, thus eliminating the traditional film or camera, so vulnerable to hooligan attacks.