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How difficult is it to setup a streaming website?

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I have a couple of questions about this.


1. Websites like twitch.tv all had to start somewhere, so I was wondering how something like this would be done by today's standards. I currently have a webhost godaddy.com, but I'm still learning. My account is shared webhosting, so I would assume I would need a dedicated server? I'm also assuming that the bandwidth cost would be catastrophically high. Can someone explain how a smaller site like that could be setup in a sensible way. I don't mean web development information, but what components I would need and if these things are available as open source.


2. For personal streaming. If I have a shared webhost. Is it possible to setup my own stream to my own website? Would I still need a dedicated server?


My extent of knowledge is a little web programming, but I have never seriously adiminstered a website, so I have not done anything remotely similar.


3. Where can I find further info on this. What should my google search look like?

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