Last night Jeremy and I recorded a Director's/Editor's commentary on raw footage and final cut of Cleary's Time Is My Crisis music video. Not that anyone cares what we have to say, but it was really a technological marvel that we even did it. We're on opposite sides of the country, after all.
Turns out the easiest way to accomplish this was on our computers and we didn't know it until mere hours before we did it. Microsoft's Movie Maker, included with Windows XP, has a narration feature built in. You cue up the video (which I had previously encoded and Jeremy had previously FTP'd from my computer), click narrate, the video starts and the microphone is activated. And so we did. We called up on our cell phones, counted 3, 2, 1, click, and recorded our interactive commentary. The resulting files were compressed Windows Media files, which Jeremy promptly FTP'd back to me.
As I type, I am mixing the files (with generous Noise Reduction on Jeremy's side (what's up with your sound card?!)), and hooking them back up with the video. Now there's a DVD extra feature for you!