So, I'm looking for a converter or series of converters that will take a composite RCA video signal, and transform it into a digital video signal at 1280*800, DVI or HDMI. But here's the thing: The video should actually be doubled and shown side by side, so 640×800 for each image (black boxes above/under the images to correct aspect ratio is fine). The latency would also have to be as low as possible, because it's going to be viewed live. A bonus would be for the image to have a slight "fisheye" effect, but that's not 100% necessary.
Would this be possible at all for a decent price (max $100-ish)? Are there hardware that does this, or maybe I can use an RCA USB recorder and process the image on a laptop?
What I'm trying to do is to make an RCA signal from a live feed from an RC helicopter viewable on the upcoming Oculus Rift. Here's an example of how the video signal needs to look: http://www.youtube.com/watch?v=85KtcZ4NNL4