It looks like there is a long standing bug in VLC in handling RV24 video that might be the root of your problem. I would suggest using a different input format if you can.
To find out if you can change the input format open the messages window from the Tools menu and turn the verbosity up to 2. Now open your stream and once it starts playing stop it. Go back through the log messages a look for something along the lines of:
dshow debug: EnumDeviceCaps: input pin accepts chroma: RV24
If you see anything besides RV24 (maybe YUY2) , then you should be able to click on the "Advanced Options" when you setup the stream and set the "Video input chroma format" to one of the other values listed in the
EnumDeviceCaps. If it doesn't give you any other options, you might be out of luck.