Did a search and didn't find much on here so I decided to share. If you have a tv tuner card in your computer you can use windows media encoder which is free to stream live tv to your pda. As far I as know you can't change channels with the windows media encoder, so your normally stuck with the one channel that you set. But I found a great app that via a web interface you can change the channel of the tv card remotely.
http://www.umediaserver.net/download.html Its the last add-on at the bottom of the page call TvChannelChanger. If you want you can use the apps on that page as an alternative to windows media encoder to stream the tv, I although like windows media encoder better than that app.