If you want a cheap solution i have a tutorial online of creating a outside HD webcam using an old sock and a torch 
http://digitalurban.blogspot.com/2008/11/tutorial-torch-webcam-hd-timelapse.html
Includes some examples as well, its been running well now for a year and a bit.
Andy
Just to add my 2 cents:
I use a Logitech 9000 Quickcam and have it mountted outsite, without any protection from sun, rain, frost, snow, or whatever.
My Quickcam 5000 has been outside for 5 years straight and never gave troubles.
The 9000 is outside now for 10 months and performed well, even in winter, with temps of -15 C.
wow, quite extraordinary ,
Is your video creation automatic or do you have to create it every day your self?
