Live streaming,
- capture
- push to server
- buffer
- push/pull to/from client with slight delay
The standard approach for doing live streaming on the Intertubes is to use a server like FMS. There are others you may want to consider:
All that said, it looks like Apple is going to put live streaming via HTTP capabilities into the iPhone as they have made a IETF standard submission. My bet is that this will become an industry standard as everyone is all gaga about the iPhone.
If you don't have the time, skills or resources, then FMS/Wowza/Red5 is the way to go. If you want to get neck-deep in streaming for year on end then almost anything is possible
