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PeerCast.org - The aim of the project is to create an easy to use, simple and reliable software client that enables anyone to broadcast streaming media on the Internet without the need for expensive servers or bandwidth...A single 56K modem can be used to broadcast to the entire network...there is no central server, each user can be a client, server or broadcaster of streams. It offers anonymity for broadcasters because there is no easy way to trace back to the original stream, it is even possible to broadcast directly to a single client located in a different country and have that provide the source for the entire network.
PeerCast uses the Gnutella 0.6 protocol as the basis for all communications and works in much the same way as other Gnutella clients except that instead of downloading files, the users download streams. These streams are then exchanged in real-time with other users.
The client software has the ability to serve web pages to normal browsers such as Mozilla and Internet Explorer. This means that you or someone else on your LAN can view/listen to your active channels without having to run the client software. Offices can have one PeerCast client providing MP3 streams to the entire LAN. Or you can set up a private network with your friends on the Internet to listen to music. Its your choice about whether you connect directly to the PeerCast network or not."