Captioning for the deaf

I am currently involved in working with the NC Div of Services for the Deaf
and hard of hearing.  After reviewing Ecuardo's example I was wondering if
it was possible to have real time streaming video in one window and real
time or chat type of captioning to the right of the video.  My basic
question Is real time captioning possible yet?  Is anyone doing it.   Thanks
in advance.

This technology will really open up the world for the deaf and blind.