Yes all you need is a web server/streaming video cam, just embed the URL in your blog but remember to create the the window size (in HTML) in the blog rather than just linking to in.
I didnt get to the Red Lodge MT Webcam; it took forever then was trying to load a Java applet, but never worked. Most "cheap" webcams can just be linked to, and use ASP.
Here's our vacation property being built:
www.copperpointresort.ca/camera.asp