That sort of app isn't exactly the best kind of app to use as an introduction to iPhone apps.. HTTP Live Streaming on the iPhone isn't the simplest thing to start with (and the server would be pretty big on the Mac/Windows/Linux/... side of things).

It is an excellent idea. Just not the type of idea that the OP seems to be looking for (right now!).

Also, not an app that I would release for free, if I were to be the one making it.

i'm working on that :) shoot me an email narf@(my username).org if you want a copy to play with