I recommend getting the EzCap and hooking it up with S-Video

It's not discontinued and you can get it on Amazon too (DealExtreme just has it cheaper)

If it's cheap and records live gameplay then it is ideal.  Resource-light video editing software is a bonus, as long as it lets me cut scenes, add music and dub in voiceovers then it's Kool & The Gang.

In the meantime, any characters I add will also be entered into my WWE Universe continuity along with my original creations, for the most part so I can make sure they balance well and that their movesets work, but also because hey, it's fun and I like actually playing this one as well.  They finally simplified the system enough to where I'm not cluelessly hammering on buttons hoping something cool happens.  The last wrestling game that was this fun and easy to control was probably the original Smackdown Vs RAW.

The EzCap is recognized as a webcam by your computer, everything that can take a live feed from a webcam will work with it.

DScaler 4 is great for watching a live feed without recording, any bog-standard video editor should be able to take stuff from it live.

Goddamn, I think we need special appearances by Shaq, Chad Warden, Michael Jackson, and Superman.

But yeah.
Wrestler name: Durik
Type: Face
Picture: It's in the Sunrise texture. http://dk.toastednet.org/truck2_sunrise.bmp