CaptureFlux is a great freeware software that allows you to preview a live audio or video stream, record it dierctly to a hard disk or grab images from the video stream.

Some of the Features of this free application are:

-Capture to Divx, DV (Pal or NTSC), or in Windows Media Video (WMV) in real time
-Capture audio stream in WAV or MP3 with any audio source even integrated in a video source (Like microphone of a DV camera connected to a firewire link)
-Audio and video streams from multiple sources simultaneously
-Capture can be scheduled for a later date/time

Download Link- http://paul.glagla.free.fr/fichiers/captureflux_50en.zip