It's possible an upgrade will give the phone a video chat application, but when that is coming remains to be seen.
A rumor claiming Microsoft will install a FaceTime-like feature on its Windows Phone 7 has surfaced. Neowin is reporting that at a “high profile” CES event, a Windows Phone employee mentioned developers were interested in created a program similar to FaceTime that would pair with Microsoft Live services, as well as with MSN Messenger.
Mobile World Congress 2011 will take place next month in Barcelona, and it’s possible Microsoft will make an official announcement about updates or even the next generation of the Windows Phone. While there’s been no word from the company on when to expect any phone upgrades, BGR was able to spot a slip on Microsoft’s site (see below), leading many to believe something’s scheduled for this month. A video chat application is most likely further down the line, but for now you can expect to see the copy-and-paste functionality mentioned in Microsoft’s keynote, as well as improved app and game startup speeds.
If you want to upload your recorded video to the internet, a video converter for Mac software can help you convert them to the proper format.