"You will be able to modify any streaming video and broadcast it"
Broadcaster Studio PRO is a software with which you can rip any video playback that you have on the screen either through a player, your Internet browser with all the quality of the image and complete audio.
You can also edit these videos and save them in the most common video file formats.
If you want you can broadcast the videos you capture in real time in some videochat service such as yahoo messenger, skype or msn messenger.
This program is able to capture any image that is playing on your computer and compress the various files to occupy less space than the originals. You can also convert formats. It is a very complete program and totally free.