Originally Posted by munki

It's less about the player, and much more about the media streaming and setup in that scenario. The flash players commonly used for such endeavors are basically shells... think of it like your tv screen... It's just the delivery module.

Wowza, Red5, and FMS can all do what you are looking to do natively from a streaming standpoint, after which is a matter of tieing together the streaming sources in your programming language of choice (most are using php/perl) to deliver to the end user.