How to Share Live video stream over lan using vlc

[Neonkiller]

I wanted to know if using vlc we can stream video from a website to a local area network using vlc.
To make myself clear we want to launch a local station from my hostel room streaming to other rooms all have lan conection but we donot have television so we want to stream live content from a website that shows all such programs on the internet and use it as a feed to stream over the lan using vlc is it possible plz help...