11-28-2013 06:46 AM - edited 11-28-2013 06:48 AM
Yes, it is possible to perform video compression on the Spartan-6 LX150T development kit.
H264 IP is available from the Xilinx ecosystem of third party IP vendors.
Please consult the following Xilinx web page for more information:
One of the partners listed as supporting H264 on Spartan-6 is CoreEL:
Jointwave also provides H264 IP and has a demo available for the Spartan6-LX150T board (requires FMC-DVI module):