According to Apple, if you send large amounts of data from an iPhone app you're going to have to use HTTP Live Streaming.
HTTP Live Streaming Overview
It's possible, here's an App that does it called Livu
Try working with ffmpeg for iPhone and the segmenter from Carson Macdonald's excellent Ion Cannon site which has a lot of useful information on HTTP Live Streaming. He's a user here too and can offer invaluable advice.
