PIP with 2 webcams

[cicala]

hello to all...
this is the situation i have to resolve:
i have a vaio laptop with 1.3ghz and 250ram, 2 usb webcams.

i need to aquire the video from the two webcams and put them on a single video (on the fly) in picture in picture mode (so one video will be the background and the other will be in a small box) and save the video on the hd...

my question is:
which would be the best software (and most simple... remember the low resorces of the machine)?
the video lasts about 1 hour... can i compress it on the fly or would it be better do do the compression in a 2nd moment?

thanks

[cicala]

can anyone give some advice...

thanks again
cicala