Getting VLC to show live picture

I tried using the wonky Apple version of the Hauppauge software. It requires VLC for it to work. No matter what I do I can't get VLC to show a live video in sync with the action of the game. I want my picture live the game live and the text live. At best I can move the slider to what is then now but by the time it loads the new picture it's a few seconds behind always perpetually.

I know UVC adapters can let you play live, when using an easy cap program.

Is there any way you could get VLC showing live footage and if not do you recommend an alternate video player that will do live footage?

If so I could live with the Hauppauge Apple software from a third party if I could get the video live.
 
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