iPad app (Video streaming) not webcam!!

This application will be embedded into a Web Browser. When the user browses to a website that has flash video, this app should connect to the server which is hosting the flash video, and download the flash video directly to the iPad. As the flash video begins to download, this app should convert the flash video to an iPad supported format and display the output file. To minimize the wait from pressing play to seeing the video, the application should start to convert the video as soon as it starts to download and play the output files as it is converting. I have an application on my iPad that has a similar function to what I require called VideoStream. It is similar in that it converts a video file on your PC and streams the output file to the iPad as it is converting. This app converts the video file on the PC, but I want my app to convert the file on the iPad. Budget is the original budget listed above. Please NO OUTRAGEOUS BIDS! Regards, PB.