sudo echo '#!/bin/bash' > /usr/local/bin/skype
sudo echo "LD_PRELOAD=/usr/lib/libv4l/v4l1compat.so /usr/bin/skype" >> /usr/local/bin/skype
sudo chmod ogu+x /usr/local/bin/skype
If you're running 64-bit Ubuntu, the path is somewhat different:
sudo echo '#!/bin/bash' > /usr/local/bin/skype
sudo echo "LD_PRELOAD=/usr/lib32/libv4l/v4l1compat.so /usr/bin/skype" >> /usr/local/bin/skype
sudo chmod ogu+x /usr/local/bin/skype