Virtual or I.P. Capture device

Although I have searched for a solution to this problem I can't seem to find one. With your knowledge and experience I thought maybe you would either know or could direct me.

The scenario: A software project that captures four camera inputs and mixes them on-site then broadcasts that signal to a server hosting Flash MX application to broadcast (at 1/4th the bandwidth) to the internet.

The problem is that the flash piece requires a video capture device to be attached. Therefore, the only solution I can think of is an IP video capture where the on-site software would send the broadcast signal to the designated IP address and flash would 'see' it as a capture device and allow it to pass through as a captured stream.

Have you heard of anything like this or could something be developed as a 'virtual' capture device to make this work?

I have to warn you, although I have been a SQL/Cold Fusion/ASP programmer for many years, I am dangerous around Visual Basic and other languages.

The other piece of this puzzle is that based on the number of capture devices on-site, the VB app would generate the required number of sub forms at runtime.

Am I dealing with reality here or leftover residue from the 60s???

g