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Combined with a simple draw program like Smoothdraw (free), a stylus like the Bamboo Pen ($70) can give you a chalkboard or whiteboard to use in the context of your screencasting, and in a live classroom might even be a viable (and much cheaper) substitute to a smartboard for the sake of teacher-presented digital markup.
Combined with MS Word 2007 (PC version) you can add an ink layer to show markup of text in a screencast. You can also paste text into a draw program and create an ink layer that way...offering some potentially very powerful ways of giving students rich feedback on their writing, or of demonstrating grammar and literary devices. See this cool example of a teacher returning a student paper via screencast.
Push my thinking
Airline Stewardess Explains the Functioning of a Wacom Pen Tablet
Problem of practice
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