1. Get frame using Frame_GetCurrent() method. As alternative to process each video frame use OnVideoFrameBitmap event.
2. Process using any OCR library. Best free library is Tessnet2.

private void VideoCapture1_OnVideoFrameBitmap(object sender, VideoFrameBitmapEventArgs e)
    Graphics grf = Graphics.FromImage(e.Frame);

    grf.DrawString("Hello!", new Font(FontFamily.GenericSansSerif, 20), new SolidBrush(Color.White), 20, 20);

    e.UpdateData = true;
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