In general it is possible. Streaming video to a server is feasible, I did it myself several times. Streaming video to the device is also possible, you have built in APIs for that.
The only problem that you'll need to figure out yourself how to accomplish is that for both sending the video and displaying the video you must have a video that displays the video (yes, for the device to server also).
For device to server take a look here For server to device take a look here
Please note, the MediaPlayer network infrastructure is somewhat limited, it is possible that you'll need to build the network layer yourself, depending on your server capabilities.
Good luck