WooHoo... Just conducted this test and it works great!
Was recently screwing around with the dshow plugin to do this but decided to go off on my own path after messing with it for about a week.
The resulting method still uses DirectShow (I'm using windows 2000 with DirectX 9). I created a new filter that functions well with the standard directshow process (i.e. registered directshow filter, usable in graphedit, etc.). The new filter is based on the Infinite Pin Tee and writes a file buffer NOT using the Async Writer Filter provided.
The end result...
1) Uses 10-20% CPU vs. 40-60% CPU (2.4 ghz Pentium) when using the provided dshow access plugin directly (recording and rendering)
2) Does not exhibit the video/audio stuttering due to sync problems which the current dshow plugin exhibits.
3) Best of all... allows you to pause and seek from a live stream.
I don't know if this is relevant or has already been demonstrated, but if it is feel free to contact me. I have never submitted to this group before but I will if this sort of thing is of interest. I am currently working on a PVR system (like MythTV) and looked at Videolan because of it's features and cross platform capability.