If the folder is still in the Recycle Bin, you should be able to restore it and all of it's contents back.
If not, then you can use OPTION TWO in the tutorial below to help you restore the My Pictures folder back to the default location of C:\Users\(user-name)\My Pictures
. Afterwards, reinstall your Lifecam software to have it place the folder in there. User Folders - Restore Default Location
Hope this helps,