Yes, perfectly possible - provided the stream is being sent in Flash format (RTMP or RTMPE) and not via something like RealMedia. Simply create a new Video annotation in Acrobat Pro and enter the URL for the stream instead of browsing for a file.
If you aren't streaming but instead are serving a progressive download (via HTTP) then you can also enter that as a URL, but it must end in the extension for a recognizable video format:
Thanks for the reply I'm sorry but I realized afterwards I didn't explain myself too well. I'm wanting to create multiple text links within acrobat that go to individual streamed videos that pop up complete with controls inside the page.
p.s. I did try what you suggested and tried creating a video annotation then subbing a URL instead of the browse file dialog box. I'm a newcomer to this so it's probably me - but nothing showed up. There was no visible object ?? Maybe I'm a bit out of my depth
You can set a video rich media annotation (RMA) to open in a floating window, but the skin has to be self-contained - the playback controls are embedded in the PDF file as a SWF widget, not downloaded from anywhere else. In Acrobat X itself you cannot set the position of the floating window (it's possible with low-level code, not from within Acrobat). RMAs can be activated by scripted text links.
Creating a non-popup RMA is very easy - pick the Video tool from the Tools Pane > Content panel, drag out a rectangle on your page where the player is to be shown, and pick the URL or file. Once created, return to the hand tool and click it to activate.
To create a popup version triggered by a text link: