That could be possible, but you can't use the X3 "gallery" or the X3 galleries own image "popup" directly for that.
First of all, you would need to find a plugin/stream source that displays the video IP cam video. Assume you already have this as part of your IP cam software? I assume it's a website link? Once you have that, you could open that iframe source in the X3 popup plugin using iframe.
https://demo.photo.gallery/examples/plugins/popup/
So yes it's possible, but you will need a source for the automatically updating IP cam video/image. X3 can't create that stream for you.