There is a module in the Add-on Collection (http://www.wowza.com/forums/content.php?113-Module-Collection) called ModuleStreamControl: http://www.wowza.com/forums/content.php?187-How-to-control-Stream-class-streams-dynamically-(ModuleStreamControl)
This handles the dynamic playlist side of things and could be modified to talk to your database.
I would suggest the Wowza forums or Wowza's email support would be a good place to get additional info on this, if needed.
Scott