The high computational demands and overall encoding complexity make the processing of high definition video sequences hard to be achieved in real-time. In this manuscript, we target an efficient parallelization and RD performance analysis of H.264/AVC inter-loop modules and their collaborative execution in hybrid multi-core CPU and multi-GPU systems. The proposed dynamic load balancing algorithm allows efficient and concurrent video encoding across several heterogeneous devices by relying on realistic run-time performance modeling and module-device execution affinities when distributing the computations. Due to an online adjustment of load balancing decisions, this approach is also self-adaptable to different execution scenarios. Experimental results show the proposed algorithm's ability to achieve real-time encoding for different resolutions of high-definition sequences in various heterogeneous platforms. Speed-up values of up to 2.6 were obtained when compared to the video inter-loop encoding on a single GPU device, and up to 8.5 when compared to a highly optimized multi-core CPU execution. Moreover, the proposed algorithm also provides an automatic tuning of the encoding parameters, in order to meet strict encoding constraints.