How do I create a variable video delay of a live stream...

I have a live video feed from my webcam in my Flash Application. I have a second video window next to it that I want to place a variable delayed video of the live stream. Therefore, I need to save the video stream in memory/disk and create this variable delay, say 5-60 seconds. As well as, continue to capture the live stream. The camera I am using suppots H.264 encoding.

How do I create a variable length queue or buffer to hold the video stream coming into the flash application. Do I create a memory variable or write this to disk ? I have been looking over the ActionScript 3.0 documentation and I can not figure out how to code this either way ( as a memory variable or write to disk queue ).

I want to be able to change the delay, view the delay stream in slow motion and scrub through the delayed stream.

I would like to do this with out having to use Flash Media Server.

Thanks,

Bob