It's possible to insert live video in Keynote via Quartz Composer.
Although you need the (free) " safe Video In " plugin from Kineme to make it work.
Step by Step Guide:
1) Install Quartz Composer (it comes with the XCode Developement Utilities on your OSX installation disc)
2) Download the "Safe Video In" - Plugin (
http://kineme.net/QuartzComposerPatches/SafeVideoInput/0.1 ) and place it in the appropriate folder ( /Library/Graphics/Quartz Composer Patches/ ).
3) Open Quartz Composer and create a blank composition.
4) open the Patch Library, type "clear" in the search field, and drag the Clear patch onto the workspace
5) then add a "Video Input" and a "Billboard" patch
( To select another than the default video input device, select the Video Input patch, open the Patch Inspector and change the input device in the Settings tab )
6) Connect the "Image" output of the Video Input Patch to the "Image" input of the "Billboard" Patch (click and drag from the white dot next to "Image")
7) Safe this composition and close Quartz Composer
8) Now, open Keynote and drag the .qtz file you just saved into your presentation
In the Quicktime tab in the Inspector, set the Repeat to Loop to show the video for more than 30 sek.