Interesting suggestion! I've been using VLC for the longest time now for video playback having no idea it had streaming capabilities.
I'm trying it as I type this, but am having a hell of a time getting it working.

It seems like it's streaming allright, but I get no output or confirmation I'm even connected on the client side. I'll keep tinkering / reading tutorials.
Thanks for your reply.
EDIT: Well, I finally got it working, and I have tio say I'm impressed!

It works like a charm and the latency is so low I can't even tell there's a delay. Thanks again!