resham: i am pretty sure that skype doesn't have built-in video recorder. but there are many third-party softwares that do the job just fine. Super Tintin and Evaer are quite popular ones. I've used Super Tintin in the past and worked just fine. i've posted a link below for tintin (it's just a trial version though); bet you'll be able to find full versions somewhere online (torrent?!)
http://download.cnet.com/Supertintin-for-Skype/3000-2150_4-10656468.html