1. A system for extracting video highlights from a video stream comprising: a. storage, containing said video stream in digital form; and b. a processor, in communication with said storage, said processor executing software for performing the following functions: i. breaking said video stream into segments containing a preset number of frames; ii. reading an initial plurality of segments and constructing a dictionary based on said plurality of segments, said dictionary containing data summarizing the content of said initial plurality of segments; iii. reading the next segment from said video stream; iv. determining if the content of said next segment is represented in said dictionary and, if so, excluding said next segment from said video highlights; otherwise, adding said next segment to said video highlights; v. updating said dictionary when segments are added to said video highlights to reflect a summary of the content of said added segment; and vi. repeating steps iii.-iv. until all segments in said video stream have been processed.