Ok after many hours I got it to work. I will post here how I did it because it might be useful to someone.
I use a P2P TV application called TVU Player and using this I can watch channels like FOX/CBS/Fox News etc for free even though I live in the UK. I opened the TVU application and connected to Fox News then sent the live stream to VLC and told it to act as a live streaming server to all the computers on my network.
I opened VLC and selected: File ->Open Network Stream->HTTP and then I put in the streams address. In my case the stream address was
http://localhost:8901/ this is because I was already playing the stream in the TVU application but I wanted VLC to play it too.
Then below I checked the box "Stream/Save" then clicked on the Settings box.
Under "Outputs" I checked the boxes "Play Localy" and "HTTP". In the HTTP box I put in the IP address of my laptop and left the port number as it is "1234". I selected "ASF" as the encapsulation method, then clicked "OK" Now I started the live stream on my laptop by simply clicking "OK" again in the "Open Network Stream Panel."
On the Axim I opened TCMP Player and selected: File ->Open File. In the address bar at the top I put http:// followed by my laptops IP address and the port number I mentioned earlier. For example:
http://192.168.xxx.xxx:1234
Then clicked "OK" in the bottom left. TCMP Player began streaming Fox News Live!
Maybe alot of you already know how to do this but not everyone so there it is. I'm streaming a live broadcast but repeat the procedure and select any file or playlist on your computer instead for the same results.
I think this could also be used to broadcast a stream over the internet without the need for Slingbox or Orb. I'm not sure but I think it should be possible.
riaxim