Have you looked into Virtualdub? I believe it does this. Plus it's free.

I do know that when I've had to use it for re-encoding or converting, it's been extremely fast depending on the settings you use, so it may not be as much of a time dump as other programs.

*edit*
What format are you capturing in?


Edited by Dignan17 (05/01/2005 17:10)
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Matt