1. Apparatus for synchronizing separate compressed video and text streams to provide closed captioning and instant messaging integration with video conferencing comprising: a video encoder for encoding a video stream and periodically generating a synchronization frame event, each generated synchronization frame event having a unique ID; a text recording agent coupled to said video encoder receiving said periodically generated synchronization frame event and for storing text and associating said stored text with said synchronization frame event; a video decoder for decoding said video stream and periodically generating said synchronization frame event having said unique ID; and a text display agent coupled to said video decoder receiving said periodically generated synchronization frame event and for storing text packets and associating said stored text packet with said synchronization frame event.