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Streaming video as in user streaming a video file from your server, or streaming live video like on Ustream?

I dont understand the terminology, but here is what I want to do,

I have a content deal with a popular event, and I want to make this event available on my site with as little delay as possible. I think this puts me into "streaming live video like on Ustream?" category?

Check out Red5. It's an open source Java Flash Media Server replacement.

Or Wowza; I've used it and it's great, though it's a pity it's closed source.

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