A system and method for efficiently processing a video stream using limited hardware and/or software resources. For example, one embodiment of a computer-implemented method for efficiently processing a video stream with a processor pipeline having a plurality of pipeline stages, comprises: identifying a bottleneck stage within the processor pipeline the bottleneck stage processing frames of the video stream; receiving a feedback signal from the bottleneck stage at one or more upstream stages, the feedback signal providing an indication of the speed at which the bottleneck stage is processing the frames of the video stream; and responsively adjusting the speed at which the one or more upstream stages are processing frames of the video stream to approximate the speed at which the bottleneck stage is processing the frames of the video stream.