Create a script with the contents:
Make this script executable with chmod u+x scriptname.
Go to System -> Preferences -> Main Menu. Find the launcher of Skype and press the properties. Paste the location of your script.
It looks like Skype doesn't cannot find the shared object files (similar to dlls in Windows) associated with video for linux (v4l) this command pre-loads these libraries for Skype, before launching it.
Links for this entry:
mve-lamb's post on ubuntu forums for this solution: http://ubuntuforums.org/member.php?u=294787
mve-lamb's profile on ubuntu forumes: http://ubuntuforums.org/member.php?u=294787.