http://www.videolan.org/
Quote:
VLC is a free cross-platform media player.
It supports a large number of multimedia formats, without the need for additional codecs
It is available for almost every OS
It needs little CPU power
VLC can also be used as a streaming server
VLC can use a large number of input devices
It features extended streaming features (video on demand, on the fly transcoding, ...)
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Note: If you want to try this (especially if you are using Windows), download it quickly as if a (stupid) proposed law (which may put a ban on free software) get passed in France this project will likely to be dead.