In my attempt to stream live video to my iPhone I ran into an issue with the USB QuickCam I have. Instead of fighting the problem I decided to turn to the iSight camera on a macbook but I quickly found that there isn't a great way to get the video stream to another machine. The best way that I have found to stream from the iSight to a second machine is to use a combination of QuickTime Broadcaster and VLC. In this post I detail how I got it set up and working.
Streaming Video Between QuickTime Broadcaster and VLC