ManyCam

ManyCam lets you operate multiple Webcams simultaneously, including both real and virtual Webcams, and customize them with a variety of effects and filters like flames and cartoon eyes. ManyCam can keep multiple video chat sessions open, monitor home security cameras, stream videos, and display still images when you want to chat but don't want to show yourself. ManyCam 4.0 is freeware; a Pro upgrade is available.

Pros


Easy setup: ManyCam more or less sets itself up, identifying and accessing our video feeds, including our live Webcam, and displaying them in a busy but feature-filled interface.
Broadcasting: ManyCam lets you display multiple chat sessions or send one feed simultaneously to multiple chat clients, or screencast your desktop with live narration and onscreen drawing and effects.
More, more, more: The Effects tab has Filters, Distortions, Backgrounds, Borders, Overlays, Objects, Face Accessories, Emoticons, and more. We could add audio, timestamps, text, transitions, playlists, and more. Need more? It's a download away.

Cons
Somebody's watching me: Be careful when using ManyCam (or any cam). It bears repeating: Be aware when your Webcam is on and broadcasting your private life to the Web-Wide World!
Bottom line

ManyCam 4.0 is an excellent multiple Webcam manager, but it's also a security center, a broadcast studio, and a post-production facility in one free and easy-to-use program.



(source: http://download.cnet.com/)