I copy and paste this in to my vlm telnet interface.new a broadcast
setup a enabled
setup a input somefile.mpg
setup a output #transcode{vcodec=WMV2,vb=256,scale=0\.5,acodec=wma,ab=64}:standard{access=mmsh,mux=asf,url=:8888}
control a play
One note though, on this version of windows mobile when you choose "open url" you must type the url with two trailing slashes:
http://<vlc-server-ip>:8888//