Grab Live Stream and Use Third Party program to Play it

Some notes: the first URL is serving up the Flash player, the second one is the shiny new’ish HTML5 version.

Depends on how you design said application. If you can embed either a Flash player or an HTML rendering engine (which is how we did ours, using Qt widgets), then it’s simply a matter of coding in some ‘put this object inside this widget.’ Either method, however, is really beyond the scope of these forums and should probably be addressed elsewhere.