Whether live audio and video is captured by a webcam or by a sophisticated corporate video filming group, it can be converted to video and streamed live using the Adobe Flash Media Encoder, available from http://www.adobe.com/go/learn_fms_fme_en.
When you need to broadcast media to a large number of viewers, you can use multipoint publishing to stream the live video from a camera to a publishing server, and then to a broadcast server (which is often a Content Delivery Network).
Multipoint publishing can be used to build large-scale live video applications or to inject metadata into a live stream. For example, you could create an Internet TV station and publish the stream to a Flash Media Development server, which would publish the stream to a larger Flash Media Interactive Server deployment, such as a CDN that pushes the stream to millions of users.