vlc

#!/bin/bash

#---server---
# vlc -vvv /tmp/video.avi --sout '#transcode{vcodec=DIV3,vb=256,scale=1,acodec=mp3,ab=32,channels=2}:std{access=mmsh,mux=asfh,dst=:8080}' &
# vlc -vvv --loop /tmp/video.avi --sout '#transcode{vcodec=DIV3,vb=1024,scale=1,acodec=mp3,ab=32,channels=2}:std{access=mmsh,mux=asfh,dst=:8080}' &
vlc -vvv --loop /tmp/clip.avi --sout '#transcode{vcodec=DIV3,vb=1024,scale=1,acodec=mp3,ab=32,channels=2}:std{access=mmsh,mux=asfh,dst=:8080}' &
vlc -vvv --loop /tmp/clip.avi --sout '#transcode{vcodec=DIV3,vb=1024,scale=1,width=320,height=240,acodec=mp3,ab=32,channels=2}:std{access=mmsh,mux=asfh,dst=:8080}' &

#---client---
sleep 3
vlc mmsh://127.0.0.1:8080

Can play with Windows Explorer by specifying URL as:
mms://192.168.2.3:8080