Is there an application out there that could enable us to record streaming video? like videos coming from viewed webcams or movie clips?
You might also want to try iShowU. It can record at 30fps in high-resolution and can also record audio (both system and line in). You can get the latest beta in their forums. For one thing, it's Universal, so it should perform a lot better on your MacBook. I haven't tried it yet because I'm still waiting for my wife to let go of her MacBook for a few minutes