We have FCS based flash application that has whiteboard, Video , Audio , public
chat. We were wondering what all options we have for recording? Is there any
way we can capture the entire swf frame by frame with video audio? Or we have
to record streams for audio , video separately, whiteboard separately, public
chat separately on server side?

Recording and replaying events is a fairly easy process, but the application
really needs to be designed with that functionality in mind. The overall idea
is to have all of your events managed by a single set of processes that both
carry out the action, and record the event to a netstream. When the netsream is
replayed, the events that were recorded to the netsream will be played back
with proper timing.

It's a bit much to go into in a forum thread, but there's a chapter about it
in the Programming FCS book.

Video streams are a different story entirely. With FMS as it is today, there's
really no practical means of syncronizing the playback of recorded video. If
you want to have the audio/video as part of your playback, I suggest using a
single stream and allowing a moderator to control who is publishing to the
stream at any given time.