The problem is not the lag, but the throughput. NTSC is 648x486 pixels. Multiply that by three bytes (RGB) and 30 frames/sec, and you get about 28 MegaBYTES of data, or over 200 Mbit/s. So you would need to encode the data in realtime to get it through a network - especially a wireless one. Your PC is probably able to do that using the right software and codec. When I was young and stupid, we played around with real-time recording of TV to harddisk on much slower hardware. But I think we scaled the image down to 320x240 or so. So this may take some fooling around with the likes of mplayer and other software to get going. But it should be possible.
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