MSN Webcam Recorder is a tool that allows you to record video streamed to and from your computer by MSN Messenger's Webcam Feature.
It doesn't do screen capture like other softwares, that are innacurate, skip some frames, and lose in quality. It sees the Webcam video the same way MSN does, and reproduces it with a more accurate time correction.
You can also watch a live video in another window, the size you want it to be, so you're not stuck with MSN's conversation window and its small size!