I'll explain how to. It's not the simplier way to go, since most of the streaming websites (just tv, ustream) also offers their own downloadable software to improve the quality of streaming. I personaly use Justin TV because the website maintainers support the use of VLC.
But using VLC is fast (once you figured how to set up the command line), very light (VLC is known for that) and great quality (once again, the VLC "core" is known for it qualities).
I believe the best use for that technic is a dedicated computer for broadcasting. You take an "old" pc (p4 2ghz for example), you put an up to date light linux (Xubuntu, for example), VLC and you're done. No viruses, no codecs, no drivers, no crashes, fast start, etc...all the great features of a linux based system.
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