Why do my Dazzle DVC 100 recordings lag?

[MorbidJoy]

Hey. I have been wanting to start a series of Let's Play videos for ages, but have never got it to work properly. I was wondering if a professional could tell me where I am going wrong.

I am currently using a Dazzle DVC 100, and have followed all of the things that I need to have done to make it work. It comes up on my laptop alright, but when I record, it suddenly turns black and white. I know how to fix this problem, but I have to do it after starting the recording, and is frankly a huge hassle. But the main problem with it is that it lags too much. There have been 7 takes at it. The first episode I had done was alright, with only some lag, but it got to the point of freezing.

Is there anything I may have forgot to do to make this work in colour and at good quality?

Edit: Oh yes, and it is also coming out completely silent, with no gameplay sounds whatsoever. How do I fix this?