How can I code a server/client video and audio streaming application?

For streaming and talking to your clients, you need to define a protocol: Search the web for RTP and RTSP. It should give you a pretty good idea of what you need to implement these protocols or even create your own one.

Check out the Java Media Framework (it has tutorials): http://java.sun.com/javase/technologies/desktop/media/jmf.

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