Ok I still dont know exactly what it does, but if you want to stream live video to your phone, you can try Orb. Download it on your PC and set it up, then on your phone you either get the OrbLive app, or point the browser to mycast.orb.com
If that doesnt work, you will need to set up a streaming server on your computer. Google will help you find out how to do that. Basically you set up a back-end converter to convert the video in real time to a format that android can accept, mainly h264 in an mp4 container.