You have a couple of choices. Flash allows you to record as you stream. If you want to use use multi cams you can look at camtwist for the Mac or Mutlicam for Wins. You’ll need to use Multicam with Flash to stream. I’ve used multicam but moved to Xsplit as it offers more in the way of transtions and there no need to use flash. It also alllows you to record on or offline. There’s a free trial version and the full version isn’t that expensive to use. Wirecast (Wins) is another option but is expensive and is really for proffesional use but I find Xsplit just as good and much easier to use. If you want to make backgrounds or lower thirds etc a good cheap way is Splashup similar to photoshop but it’s online and free.
Another option is something like BlogTV that allows you to stream video/audio live and record as you stream. the Basic (free) account only allows 10mins recording and the premium account allows 30mins. These are saved to your account but can be downloaded
Here’s a example of a stream and recording I did, it was a test so a bit rough but it’ll give you some idea of what Xsplit can do [media=youtube]-YF1kkUgRg0[/media]
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