Some pics that I just took:
http://copter.threewee.com/euros2007/
These pics are from inside the timing booth. You can see some of the equipment from those that we use here.
As you might see that we don't actually have any webcam, we have normal high quality DV camera and picture going from it by using firewire to iMac (running Windows tho, any powerful PC will do). It encodes the picture to VP3.1 format and audio to MP3. That generates about 20 sec delay but should not be a problem. Then the feed is uploaded live to our streaming server (Shoutcast) and it distributes the signal to clients (you). Streaming server is located at remote server room where's fat pipe (155mbit) and so it's possible to deliver high quality feed to multiple clients.
I can explain in more detail later and help with setups etc.