This program can no longer be downloaded. You can look for alternatives in iPhone > MP3 & Multimedia Apps > Video.
Socialcam is a video sharing app where you can record video and share it with friends.
The app allows you to record an unlimited amount of video, though this will of course be limited by the amount of storage you have. You can upload video at the same time you are recording or record the video offline and upload it later.
Socialcam uses Facebook to sign in so you can tag friends in each video. Friends can also browse your videos, like, and comment so you know what they think of it. Sharing is easy because you can share to various social networks like Facebook, Twitter, Tumblr, and Dropbox.
While designed as a video version of Instagram, Socialcam's ability to record as much as you want is a great option.
Socialcam is a great social video sharing app.