Using Willing Webcam, you can set up a time lapse video in which your webcam records video for a certain duration, stops, and then starts again. You can choose the compression type and set the maximum file size for the time lapse video.
This software is not reviewed yet.
The screen saver shares the options with Willing Webcam software. You should install it from Willing Software site to change the options. Close the program after the changes.