i want to capture and encode whatever is going on on my screen in Mac OS X

for windows there is VHCapture which creates virtual device that is later used in FMLE to encode captured video

is there a similar program in Mac OS X?

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Quicktime Player has a screen recording capability built in. Just run Quicktime Player, choose File > New Screen Recording, and press the red (record) button. The output is in QuickTime movie format (obviously), h.264 encoding (at least in Show Leopard), so you'll need to convert it appropriately...

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