You way to do it would be:
1: Create a webcam object EDIT: or create a cam object
2: You can get screenshots/snapshots from the object
3: Create a videoplayer object
4: Now you run a while loop and take a snapshot, process it and give it to the videoPlayer as output, which can step through the frames he gets. The FPS is limited to your code, if you need 1 second to work with a frame then you will get 1 FPS, if your code is fast enough you might end up with 10-15 FPS or more.
Now its up to you how fast your code works to get a smoother "video". RealTime is mostly not possible since you need to do some operations on the frame which means you have processing time (except your code is really really good and you can manage to do the processing in like under 20ms, which would be 50 FPS).