If you use virtualdub to capture and encode the files into xvid or another codec for avi compression , you could simply once captures are completed open the first avi you recorded , and frameserve it too avi2mepg2 , and its simple
Grab this guide to know more
Guide :
http://www.videohelp.com/forum/viewtopic.php?t=270071
Just dont serve more than 50,000 frame's at a time if you is using anything other than xp with a hard drive formatted into fat32 type partitions , or the dvd mpegs will exceed the 2 gigabyte barrier and nothing will open them .
Under xp and fat32 , this is not a problem .