I think there is another video capture type program that can do the same and has a free version that captures video, albeit of a smaller resolution, however I dont think it is limited in amount of video you record...
ahh here it is.. it is limited in that it can only record to AVI format, however that includes nearly 90% of all video as divx , xvid and several other codecs are avi formats (more correctly AVI is more like a container for them).
Once recorded to avi format you can use any video utility to recompress or add filters (effects) to meet your standard. The best (and free) program I have found is Vdub, (virtual-dub).
http://www.planetgamecam.com/index.php? ... atureslite