In order to view an iDevice running ipCam on your iPhone 5 it would then need to connected, like any other WiFi network IP camera, to a computer running iCamSource.
iCamSource records Motion Events, as JPEGs, to your computer whenever motion is detected. Live video/audio record has been requested in the past and is currently on our list of potential features to implement in the future.
More information about ipCam can be found here:
http://skjm.com/ipcam/