As long as the camera supports DirectX Capture you will be able to use it in Screen Monkey. Most web cams that connect via USB will work. Any cameras which operate over IP will probably have there own interface and so not work in Screen Monkey.

If you have a link to the camera spec I could tell you for certain.

You should really be looking at a standard camera though for what you want. Most web cameras have reduced resolution or frame rate. You will be better of getting a cheap hand held camera that has firewire than trying to use a web cam.