At present Video in Livecode is fairly primitive. However the New Extensions Architecture in Livecode allows us to begin creating a whole you set of components that other users can easily compose and interact with.
As we look to the future we aim to wrap openFrameworks in Livecode, and integrate projects like Syphon in order to create a free Distributed Live Studio for multimedia collaboration and research.
openFrameworks is an open source C++ toolkit for creative coding.
Syphon is an open source Mac OS X technology that allows applications to share frames – full frame rate video or stills – with one another in realtime - syphon.v002.info 
An interesting way of dealing with live video in a decentralised environment is to author it locally in high quality and safe the video to IPFS.
Screen Shots can also be saved to IPFS, or shared via instant messaging, and a rapid series of screenshots, or short video sequences turned into animated gifs and shared.
In this way we can combine previews of live activity at distant sites, with high quality recording of the action to be composed in Near Real Time by another actor.
Animated Gifs are not just a popular medium but hey also work nicely with Federated Wiki.
# Live mixing
To mix video live from the commandline you can use melt. Alternatively you can use HTML5 Video.