Convert Live Webcam Stream!

Needed server side application, receive webcamstream from windows media encoder serie 9. Channel stream to local publishing point. Convert same stream to lower bitrate (Preview cam), and channel to second local publishing point. OR: Pull stream from local publishingpoint, convert to lower bitrate, and push to local publishing point. Now i know that the budget is low, but i know thats its not to difficult, making the application, using windows media SDK! I need the complete source code, Source code must be compatible with visual basic 2005 express edition. The application, need an option to choose different bitrates, and if possible integrate a plugin i have. Server platform windows server 2003 standard edition.