Stream Game to a friend and Capture at the same time?

iI have what I hope is a simple question! :) Probably not though >< And It suddenly occurred to me just now that this is the perfect community to ask!

I'd like to be able to play a game and stream it out to a friend, as well as record the game, and also my microphone and my friend's microphone, preferably seperately in order to edit it all together later, get the levels right etc, and upload to good ol' YouTube. I'd like my friend to be able to hear the game audio too.

• My usual setup for recording PC stuff without streaming is to use FRAPS for the game video & audio, and then Audacity to record my mic.

• My usual setup for recording external stuff like PS2, etc without streaming, is to use the Hauppauge HD PVR 1's capture software (TotalMedia Extreme 2) to record the game video & audio, and again use Audacity for the mic.

I'm just not sure how to best go about easily, reliably, and with low latency, streaming out to a friend. The stream that goes out won't be saved so it doesn't need to be full resolution or anything, I'll be capturing with either the Hauppauge software or FRAPS, or something better(?). But I need it all to work reliably.

Oh, and my total available upstream speed is about 11-13 MB/s.

What I've been able to do so far:

I've been able to use MP3 Skype Recorder to record the audio going from my mic out, and his audio coming in. I've also used Skype in conjunction with ManyCam to capture an area of my screen as a webcam, which is streamed out via Skype. Skype is great at low latency audio and video. And then I use FRAPS or the Hauppauge to capture the game video and audio! If I'm using FRAPS though, I can only capture the main sound output of the PC, so my friend's skype mic comes through on it, not cool.

The only other big problem is that in this setup, my friend can't hear the game! And that's a big must for the way we want to go through RPGs together, and do a bunch of other stuff.

So, I need:

• A way to stream to a friend reliably with low lag (more than a second or two of lag and things don't flow right)

• A way to record my mic and my friend's mic (both mics separately somehow, and separate of the game audio).

• I love Audacity as an editing program, but I've always disliked not being able to stream to file directly as I record just in case, because if Audacity crashes, I might lose a hours worth of recording! So I'd like to replace Audacity. I'd love something that would show me the waveform as it records like Audacity does, because my mic craps out sometimes and I need to be able to keep a visual eye on it so I can see when it needs sorting out, haha.

• Would be nice: To be able to record my webcam also, in order to embed that say, in the corner of the final video.

• Would be nice: Similarly, to be able to capture my friend's webcam in order to embed it also.

Any ideas for this stuff? We've moved away from each other recently you see, and just can't physically get together to do stuff any more :(

Thank you guys and girls! And sorry I probably didn't word this as well as I could, haha...

Hey there! :) Have none of you managed to do this yet, perhaps? :(

Hey, I've tried this as well, and I'm pretty sure it's near impossible to get a 100% pure, lagless stream. I think your best solution is getting broadcasting software and uploading to Twitch while also storing the video on a hard drive. I use FFStream to do this and it works pretty well (as it has the ability to store the video while also streaming), but there's gong to be a delay depending on the connection to your friend. Or you could use Teamviewer, mute your friends mic in the capture, and then have him send you the mp3 for you to edit the audio in to whatever video you captured with FRAPS. But, with that solution, there's gonna be a ton of framiness for your friend. So, I'm not sure there's a solution to your problem, other than you and your friend having crazy fast internet.

Skype has built in screen streaming which works pretty well.