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Transforming realtime video into LOMO style can be as simple as use LOMO Video.

Lomo graphy is an interesting kind of photography with cheap poorly built cameras. The cameras tended to have plastic lenses, very simple operation . A very typical characteristic was bodies with light leaks.
Anyway a sort of photographic aesthetic known as lomography was built around these cameras. Alot of back to the basics of snapshots, the spontaneity and fun of making an exposure where you had little idea what would happen, the strange flared effects you got from plastic lenses. Infact the Lomo craze has spread and you can now get Lomo Video App that mount to your iPhone/iPad device.

Click Start button to start record, and click Finish button to stop record, it is so simple.

Feature:
High-resolution: 640x480 10fps for iPhone4, 640x480 30fps for iPhone4s and iPad2, 1280x720 for The New iPad
7 filters: Contrast, Exposure, Saturation, Vignette, Red, Green, Blue. So you may create Old Film style, LOMO style and more styles
Real-time change filter values
Back Camera and Front Camera supported
Photo and Movie supported