This is actually quite straightforward using RTPbin, but first you'll want to encode your video because sending raw YUV will take an enormous amount of bandwidth.
Here is an example pipeline using h263 encoding and RTP bin:
gst-launch-1.0 rtpbin name=rtpbin \
v4l2src ! videoconvert ! ffenc_h263 ! rtph263ppay ! rtpbin.send_rtp_sink_0 \
rtpbin.send_rtp_src_0 ! udpsink port=5000 \
rtpbin.send_rtcp_src_0 ! udpsink port=5001 sync=false async=false \
udpsrc port=5005 ! rtpbin.recv_rtcp_sink_0 \
More information here (including how to receive this data on the other end): http://gstreamer.freedesktop.org/data/doc/gstreamer/head/gst-plugins-good-plugins/html/gst-plugins-good-plugins-rtpbin.html