>> Subject says it all, really: Is it possible to provide real-time captions of
>> a web cast when using Flash Media Encoder and Flash Media Server. Either my
>> Google-foo is completely failing me, I'm asking the wrong questions, or it's
>> just not done.
>
> You can do this with some Osprey video capture cards. As far as I
> know, FMS/FME don't really have anything to do with the captioning
> process; you have to inject the caption for live capture at the card,
> I think.
>
> http://www.viewcast.com/product_osprey.asp

And of course, if you can avoid broadcasting in real-time, there are
tools to let you caption FLVs:

http://www.adobe.com/devnet/flash/articles/video_captionate_03.html

Dave Watts, CTO, Fig Leaf Software
http://www.figleaf.com/

Fig Leaf Software provides the highest caliber vendor-authorized
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