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This sounds like the issue that some users have had getting more than one webcam to function at once on the same USB bus. (If you do a forum search for "usb bus" you will find a number of threads discussing it.)It seems like there are sometimes hardware restrictions on the number and types of USB devices that can be active at any one time.Are you able to run two other webcam applications (like Photo Booth and iChat) simultaneously, choosing a different camera in each one? You could try different USB ports, choosing No Audio in the iCamSource Audio drop-down lists, or removing any other USB devices from the computer to see if that has any effect.
I have been having this same problem. If I start one camera, the other one just shows a white screen in iCam, black screen in other programs. My machine is a Mac Pro. I unplugged all usb devices except the cameras. I tried plugging both in the front, both in the back, one in the front and one in the back. I did restart the Mac every time I made a change. I checked to see that both cameras were getting enough power using system profiler. I can't get two usb cameras to work at the same time even using other programs (skype, ichat, image capture). Only the first camera will show video. Sometimes, the second camera will say "camera already in use". However, on my Mac Mini it works with no problems. I plug two cameras in, start iCam and iCam copy, select cameras, everything up and running within 2 minutes. I'm not sure what the problem is. I'm going to keep working on it, but I could really use some help.