Many cards are capable of doing this already its just a question of where the hardware/driver software enabling the video to be streamed without mpeg encoding. The delay is because of the encoding.
If you can disable it, then your image quality may become pretty bad, but you input delay won't be a problem anymore, and you be able to play games
As for a TV Emulator...good effort on the post but I think this is a candidate for funniest post of 2008. Sorry
...forgive me plz
