The VideoLAN Forums

Now I am gettin a movie stream and I want to webcast that stream through vlc to a friend. The stream I m gettuin is at 280kbits and I wanna relay it to a frined at 148
is it possble and how is it done
Thanx

It's called "transcoding".
There's a guide to streaming using the wxwindows interface on the Documentation page, plus a much more detailed general-use guide to streaming.