This topic on the Adobe forums may be helpful:
http://forums.adobe.com/thread/538563
The last post mentions a (non-free commercial) program called VCam, which can be used as a virtual webcam that things such as FMLE recognises. There's a VLC to VCam plugin for VLC which ones selects as a video output module. VCam can then use VLC as an input, and hence be used to stream to FMLE etc.
That's presumably just for video only - for audio there is a Virtual Sound Card product, but it may be doable without that.
So (if that works) there's a potential non-free solution.
EDIT: There's also an RTSP/RTP DirectShow source filter here:
http://sourceforge.net/projects/rtspdirectshow/
That could be used with RTSP streams directly, or perhaps with VLC streaming out via RTSP. Note the source code only is provided, however there's a binary of a RTSP source filter (possibly a different filter)
here.
That by itself won't work as there needs to be a capture device that things like FMLE can see. Here's a link to an example source filter masquerading as a capture device:
http://stackoverflow.com/questions/1376 ... ure-device
Perhaps not what you're looking for though.
Finally (add http - max URLs in post reached):
alax.info/blog/1223
^If that works it can be used in conjunction with VLC which can stream M-JPEG over HTTP.
END OF EDIT.
Arite.