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back in the early/mid 2000's for my radio station when my Shoutcast provider disapeared. I used http://www.streamerp2p.com/ and there was also later Peercast. The streamerp2p actually worked ok but this came at a time when I lost interest in streaming with alll the laws and OMFG those geeks in their basements with their radio stations are starving the artists hysteria was in full swing. Too bad had my station up to 24 people listening at a time.

I was going to start streaming video using Peercast with their p2ptv but never got around to that.

I've never used this, but it seems applicable to what you're looking for:

http://www.streamerp2p.com/

(Added bonus, the same guy created a really addictive Asteroids clone on LSD named "Spheres of Chaos")

Very interesting concept, and I'm surprised nobody thought of it sooner.

In fact, they did.
http://www.peercast.org/
http://p2p-radio.sourceforge.net/
http://www.streamerp2p.com/

The only difference here is the budget. Not to be a prick, but I don't see anything inovative here. Except maybe the bittorent roots (22m for a modded BT client with an embbeded media player ? who's to say that a bittorent type algo is better than a p2p algo specifically designed for the task of streaming ?)
This development will not change much. People prefer to have the files on their computer and build collections, not stream them. They want to move them arround to other devices not connected to the net.
In very a distant future (*), when a huge library of pirated/cheap material becomes available, and most mobile devices have broadband internet connections, and the streaming is so damn perfect and flawless that it's indistinguishable whether you play a local file or a stream, than maybe something like this becomes relevant.
For commercial online TV and the like, this technology it's still unproven, and I'm not referring to SwarmPlayer specifically, but to alternatives that have been available for years. As it turns out, the cost of the bandwidth is not that large. It remains to be seen if a p2p method comes close in reliability to a well provisioned CDN, until now it has not. Digital online TV has other, much larger problems, for example the fact that it's a nightmare for most ISPs, who have designed their networks so that each user is able to browse for an average of 100MB/day, and now for the same user to view 5Mb/s digital TV 10 hours/day they need to increase the capacity 200x.

(*) 2 years in internet time

http://www.streamerp2p.com/

Very cool idea indeed...even can report approximate listeners on the stream for reporting purposes.

Here are some Projects that may be of interest to readers.

Streamer P2P Radio
AudioScrobbler
Last FM

another good 4-1 submission!

But here's a *real* project, StreamerP2P, that could use some coders to help out porting to linux and making packages that work.

hint fedora hint

Oops, missed a couple of good ones: Polygon Worlds lets you drive around on Mars. Planet's Orbits and Partiview are great for general Astronomy education.

...and some more general linkage, because I'm bored:
Educational -
Tuxtype and Droid Battles.
Board/puzzle games -
MahJong (the real four player thing, not the solitaire version), Settlers of Catan - versions here or here, JTEG, a Risk-alike, and Tetrinet (networked T*tris).
General Fun -
Armagetron (definitely have a look at this - I can imagine it being popular with kids), Search and Rescue, Astrobattle, Tower Toppler, MyLink (UpLink clone), Airstrike, XRick, Vegastrike, Stoned (curling simulation), CarWorld, Cannon Smash (virtual Table tennis), Sentry, Noiz2sa, rRootage, PowerManga, Spheres of Chaos, Warblade, Epiar...

More possibilities.

You might also give Nethack or one of its many derivatives a shot.

That enough to keep you busy? (=

PomPom have neato modernized clones/rehashes of Defender/Uridium and Robotron. Both are extremely pretty in that they don't fall into the now-standard be-as-naturalistic-as-possible trap ~ the graphics have an abstract and psychedelic feel to it that fit the simplistic arcade game concepts well.

"Egoboo is a 3d dungeon crawling adventure in the spirit of NetHack. It uses OpenGL and SDL. It should run on any Wintel, Unix, and MacOS X system." (I don't really see the Nethack semblance, but oh well. It's kinda wacky in a lovable sorta way.)

Starscape has some Asteroids-ish arcade sequences wrapped inside something more complex. Looks good.

Digital Eel's Strange Adventures In Infinite Space is a 2D Elite-esque space game (obviously) with, I thought, an emphasis on playability rather than complexity or sophisticated-ness. Link is to the screenshots page, they work as a description.

Spheres of Chaos might be a game but it looks quite like an early Amiga demoscene effort to me ~ psychedelic, chaotic, colourful and completely abstract. Something for the Jeff Minter fans maybe?