Is there such a thingy program for my webcam?

I have the TV-out of my video card playing movie file to full screen to the TV-in of a video capture card on another PC

now the machine with the capture card is broacasting a webcam feed on yahoo,msn or anyother webcam/chat software. with the video of the movie that is playing on the source machine.

is there another easier way to do this with,,. I don't know a "virtual webcam"? such program that would play a movie file with Windows Media player but stream it to a virtual device/webcam that can work with IM programs?

so basically when u launrch the program it would aciviate a "virtual webcam" and u can use that webcam on like Yahoo messenger and when u broadcast the webcam on YM it would show the movie playing

(of course I'm aware of the bandwith constraint and choppy frame rate)
but this way I can get rid of the video-out card, video-in card, and the need for an extra computer