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I don't know if you found your answer, but I am currently working on some streaming projects with FLEX and have decided (for now that is) to use the Flash media server. You can download the server from adobe, it is an exact replica of the production server and has very good documentaition. Also there are a lot of tutorials so you can get an understanding of how to utilize the servers streaming features to different applications. Some tutorials utilize FLEX, but the whole point is to get an understanding of how to stream content to a flash media outlet.
The replies from in2mobile are 100% correct.
For live video, some server is required. Flash Media Server is the required server offered by Adobe (there are competitors including open source competitors to Flash Media Server). Also an alternative to putting up your own Flash Media Server, may CDNs offer Flash Media Server services. You can find a list of CDN partners here:
Are your live events webcasts (e.g. 1 presenter, w/ many attendees)? Or 2-way (e.g. multiple presenters)?
I assume that you require 2-way since your post said "I need to be able to carry on a teleconference between two instances of the program".
Following below are links into the browsable version of the product documentation (adobe.com/livedocs). Easier to read PDF versions can be downloaded here:
Flash Media Server Developer Guide
All Flash Media Server Documentation
2-WAY VIDEO CONFERENCE
For 2-way you can find a related sample application (with explanation and downloadable source code) here:
Video Conference with Flex & FMS
Video Conference with Flex & FMS, Live Demo and Source Code
You can also find additional code examples in the Flash Media Server product documentation here:
(Above link, in the PDF version, is in Chapter 4: Developing live video applications)
For live webcast events, Flash Media Server includes a free companion program "Flash Media Live Encoder 2.5" (aka FMLE). FMLE offers higher quality video (H.264 & VP6), and audio (MP3 and with a 3rd party plug-in AAC). Details on FMLE here:
Following is a link into the product documentation on using FMLE 2.5 w/ FMS3:
Using the live service
(Above link, in the PDF version, is in Chapter 2: Streaming services)
You can also find an article written against the older Flash Media Server 2 with an earlier version of FMLE here:
Please post back regarding whether the above answers your question, and if you find it helpful :-)