From Applian Technologies:
VideoClone adds PIP (Picture-in-picture) viewing to your PC. Play a video and VideoClone will duplicate it in any size, anywhere on your PC screen. The VideoClone window will stay on top of all other windows you open. Answer email, work in Word, even surf the web all while watching your video. And VideoClone offers one-click recording of whatever you are viewing. Recordings are saved as WMV or AVIs and can easily be played back on the Windows Media Player. VideoClone is particularly great for watching and recording live streams like sporting events.