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Sure … Wirecast (a live streaming software product from telestream.net) is designed to ingest a remote camera via skype or even a separate streaming video from another server in near real time. YOu may have some momentary delay … based on the various protocols.
I think one way to avoid that would be to just use a separate computer/screen with the person who 'skyped' in and shoot them 'on screen' on a 32 or 40" computer monitor sitting next to the person.
I think the only way you can create it so that the difference between video originating in point A and point B is to combine that at point C (something I wouldn't do opting instead for giving preference and quality to the studio shot.)
For an example check this video at twit.tv at 1:17 – twit.tv/show/this-week-in-tech/487 … it shows four guests and the host with the guests each on separate TVs that sit there as individuals. The setup obviously switches to the 'individual' feeds when the people are on camera and the 'group shot' is relatively rare. I haven't reviewed this whole item but they do transpose two individuals as well as screen shots of programs/web sites. All this is done via live streaming live as well.
It is certainly doable and skype is one of the tools but not the only tool used to do this.