--- INSTALL ---
Log in as root and type :
make && make install

--- RUN ---
Load the webcamstudio module as root :
modprobe webcamstudio

Now you can feed the created device with data and fetch this data by any v4l2 capable program.
Try http://code.google.com/p/v4lsink/ as source for video data.
v4l1 should also work with little to no additional efforts(effecttv still does not).

