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What's needed to watch.
Lots of disk space, about 7GB/hr.
Fast CPU and/or video card which can accelerate MPEG-2
Most nVidia cards, with their closed-source driver(sorry).
The magic code is: XvMC
My Athlon 64 3200+ (32 bit kernel).
No XvMC: 95-100% CPU some drops.
XvMC: 10-20% CPU, no drops.
Why my server isn't here today:
It doesn't travel well.