PC Magazine offers step-by-step instructions on how to be your own web video broadcaster in their August 2006 issue, as well as, on their web site using Apple's free QuickTime Broadcaster and Darwin Streaming Server software. I did the same thing during this past Reunion and continue to offer a webcam page featuring live streaming video on the Alumnae Association's web site, however, for much less money which you can do, too.
PC Magazine purchased a brand new Apple Xserve server, but an older Power Mac G4 or G3 will do the job too if you are not expecting too much traffic. Also, you do not need Apple's $300 Remote Desktop Software when the free OSXvnc will easily allow you to operate your Mac even from a Windows PC using UltraVNC. You can use a firewire compatible digital camcorder or iSight webcam. It might be possible to use a USB webcam with the appropiate Mac compatible drivers, but I have not tried that yet.
While the QuickTime Broadcaster is relatively easy to setup and run, it is still very powerful and flexible supporting a wide variety of codecs including 3G video for mobile devices, such as, your cell phone. It is even possible to set up a wireless notebook with a video camera to stream remote live video to the server and then to the web. Look for live streaming events on the Alumnae Association web site in the future.