Easiest way i can think of this is to do it with webcams. you can get cheap webcams for $20-50... If you already have them then great! We use skype for video conferencing. Thats what I would recommend using. Its free.
You could also use MSN, AIM, Yahoo messenger amoung others.
You'll have to sign up for a free skype acccount.
Also most webcams come with a free remote monitoring software. We have a creative webcam here that did. If you choose this method then you may need a ftp server to access. if so let me know and I can set it up for you and provide a username / password.