Remote Video on dialogs

I am currently writing an application which is required to use a WinCam. The application must show a real-time video feed from the camera. The application must also be able to run on other PCs at the same time and display the same video image from the camera attached to the master PC. I have tried some 'noddy' code which stores an image every 200ms but the update doesn't look great and I'm not happy with this approach anyway.

I looked at using NetMeeting because the underlying mechanism looked good, Microsoft also claimed to have an ActiveX control. The control looked good but can only be placed in a Web Page - dropping it onto a dialog causes an error (missing interface) and the control doesn't even appear in the Add to projects | Components and Controls list. Is NetShow the answer - or is it yet another dead end?? I would appreciate any help from anyone who has attempted this in the past.