I set up a simular thing about 4 years ago at my mums house after she got burgled twice within 6 months. i put 3 web cams in the house (2 in the main two rooms and 1 pointing to the drive way). they where removed from the cases and placed above and behind the alarm sensors so they are not really noticable. the one on the driveway is mounted with the motion light sensor and can get numberplates or car descriptions.
They are all connected to an oldish PC in the roof that is connected to power via a relay that is connected to the alarm siren wires. so if the alarm goes off the PC does a short bootup and starts capturing immages (cam1, cam2, cam3, cam1, cam2, etc). it continues doing this till it fills the second hard disk (40Gb - about a day) or when i stop it.
Havn't had another breakin yet so no live tests.