A video replay system which allows for the payback of video files from a buffer in random access memory and from disk to minimize the delay between capturing and replaying a desired video portion. In one embodiment, a portion of RAM is allocated to provide a buffer for holding video files in memory before the riles are written to a hard drive or other non-volatile storage. An index of key frames is also stored in the buffer. The computer system executes software that is responsive to an operator's commands to read the video fifes and index and playback desired video portions in a variety of modes and speeds, including slow motion, reverse, fast-forward, and slow or fast reverse.