If your webcam supports DirectShow's filters, the best solution for that should be using the DirectShow SDK. We tried using the DirectShow before, but it was just too complex. Now, we are using a third-party toolkit named leadtools that has VB.NET controls. It was much easier to use. It has demo applications for video streaming and playback. I would suggest checking it out. As a start, maybe try this tutorial:
Streaming Application
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