I can't test this because the app crashes on ICS, but this should be possible using v4l2loopback and gstreamer.
Compile and load the v4l2loopback kernel module. Note down the v4l2 device it creates (`/dev/videoX`).
Then use something like the following:
gst-launch-0.10 -v souphttpsrc location=' is-live=true user-id=
While the gstreamer pipeline is running, the video should appear in `/dev/videoX` and the device can be used like a normal webcam.