The first- and second-generation iPhones are now capable of video recording, and you won’t even need to do any hacking.

Last week, Wired.com reported that Apple released its restrictions on a private API for video capturing. As a result, Apple approved Ustream, a live video streaming app that’s fr ee in the App Store. The extra bonus? In addition to streaming-video capability, the app has a video recorder, too — and that also works with older iPhones.

Permitting the video API in third-party apps should open doors to a host of apps offering video recording for older iPhones. Today, The Unofficial Apple Weblog’s Erica Sadun pointed out a $1 app called Camcorder for shooting video with older iPhones. Its interfa ce is straight to the point: You launch the app, and there’s a Record button to start capturing. However, Sadun noted the frame rate is slow on an iPhon e 3G, and you can’t do much with the recorded video except watch it on your iPhone. She added that the GUI is flimsy.

Based on those comments, we’d say “pass.” But look forward to some slick video-recording apps optimized for older iP hones. It’s inevitable developers will capitalize on th is opportunity.

This should come as good news for many owners of the previous-generat ion iPhones. Previously, video recording was exclusive to the new iPhone 3GS. Owner s of the original iPhone and the iPhone 3G could only gain access to video recording by jailbreaking the iPhone, but that̵ 7;s no longer the case.

Camcorder Download Link [iTunes]

Ustream Download Link [iTunes]

See Also:

6 Reasons to Jailbreak Your iPhoneWhy the IPhone Doesn’t Record VideoApple Hints at Video Conferencing for Future iPhonesApple’s Next Media Frontier Will Be Streaming Video