I just got my hands on this little video/audio capturing device. It will make it a lot easier for me to debug/develop the video interface on the PIC32 board. Now I can connect the board directly to my computer and recieve the composite/S-video and audio stream, neat!
If you also want one of these devices you can find them cheap on eBay, but make sure to get the EasyCAP DC60+ and not the DC60. DC60+ has support for 64-bit Vista/XP, while the older DC60 only support 32-bit systems. The only issue I have had with it so far is that I cannot get it to work in HiSpeed USB if I hook it up with the USB extension cable that came with it. But if I connect it directly to the USB port everything works perfectly. Took me a while to figure this out.. so just a heads up if you are experiencing similar issues.