I finally got a somewhat decent video recording setup, using a PS3 Eye webcam. The PS3 Eye is frequently used for low budget computer vision applications, due to being inexpensive ($15 - $20), having good quality picture, and being able to record anywhere from 30 to 125 frames per second (depending on resolution).
My video capture setup is Mint Linux 15 on an old Athlon 64 3200. It only has 2 GB of memory, but has 3TB of storage for raw video. Capturing is being done by streamer. Right now I'm recording to raw YUV, and encoding it later with ffmpeg. There's still some issues with frame drop that I need to work out, but overall this setup is working pretty well.