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.
The webcam desktop using live webcam video and allows to work with Windows shortcuts on the desktop. It shares the options with Willing Webcam software. You should install it from Willing Software site to change the options.