Video streaming server - We want to stream internet video over local LAN

[sfigg]

Our K-12 institution has a problem with people watching live events (NHL, Olympics, etc) all at once, which tends to bog down our internet pipe. Yes, we can throttle and/or block them, but our network team always get crap for doing it. Given that's our right to ensure a well performing network, we don't need to do anything else - but I was thinking of trying to find some sort of open-source/free software that would allow us to setup a server that could be streaming the live feed, and would then easily allow us to have teachers/students watch the stream via another URL that would pull bandwidth from the server. This way, the traffic stays on the LAN and leaves the WAN bandwidth free (other than the 1 server machine).

 

Does something like this exist? Do I even make any sense with this request?

 

Thanks

[Gibbo]

Its quite old now and may have been superseded by something better, but VideoLan and Unreal Media Server have been mentioned in the past, the latter by me.