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It is possible, but the video quality may not be very good.  We do recommend that the webcam support at least 1.3 megapixels.  A progressive scan webcam may also provide better video quality.

Possibly. It depends on the video camera. Some video cameras will not provide a live video feed using a straight USB cable connection. That connection is instead intended to transfer files from the camera to your computer, not to provide a live video feed.

RaceReplay needs the live video feed. It will record portions of the live feed and save the video to an AVI file on your computer. Your camera does not do any recording.

Not all are compatible.

If using a FireWire connection, it is likely that the video camera will be compatible.

If using a video capture device to connect the video camera to the computer, then it depends on the capture device. The capture device must be compatible with Microsoft's DirectShow technology. Some capture devices are only compatible with proprietary software from the manufacturer.