Make a copy of your normal VLC Shortcut and paste this into it's Target under Properties and customize according to you're system and setup.
"C:\Program Files\VideoLAN\VLC\vlc.exe" dshow:// :dshow-vdev="Game Capture HD60 S (Video) (#01)" :dshow-adev="Game Capture HD60 S (Audio) (#01)" :dshow-aspect-ratio="16:9" :dshow-audio-samplerate=48000 :dshow-audio-channels=2 :live-caching=0 :dshow-fps=60