Time-lapse videos are made from still shots, which are then sequenced. Some camcorders have a time-lapse function, but I doubt any of the cheap pocket ones do.
I'm pretty sure quicktime used to have a function to export each frame of a video. If you can still do that, I suppose you can shoot some video, export it all to single frames, delete some of the frames (do the math to figure out the interval you want to delete), and then put them back into video form. The problem is, time-lapse really only works when you are doing it over a long time (obviously). So you are going to have to take a lot of video if you do it this way.
Better to just use a still camera, preferably one that allows you to set an interval to take shots, or use software that allows you to control your camera from your computer. I think iStopMotion does this.
