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You could perhaps stream it through the webshow module.
You could also consider the 123FlashChat Server, they also have an XOOPS modulised version (At cost)
I believe you would need a flash server though for the 123flashchat to stream video.
You could also consider using something like the NVS Shoutcast server, it's free software and would need to be installed as a service on a server. (Viewers would watch via Winamp, I have heard of website implementations too, but not sure of what would be required).
This could become very costly if your wanting a true live stream and depending on the amount of viewers your anticipating tied in with the quality of video and audio you wish to offer.
There are other methods I know of which are very cheap but lack in quality. You may also wish to look up progressive streaming within Google.
I'd personally consider going through a flash server, there are many companies out there offering video solutions (123FC was only the first to mind as it's integrated into XOOPS, but this is a chat/video solution.
I'd love to see what you come up with in the end and how you achieved it, if you could please keep us in the picture.
{EDIT}
You may also be limited by your DSL connection depending on it's speed, and should check with your service provider, if it's a residential connection they may disconnect your for using large or irregular volumes of bandwidth.
