To achieve that you need to setup/write some kind of video streaming server.
I've used VideoCapX for the same purpose on my project. The documentation and support is not top notch, but it's good enough. It's using WMV streaming technology. The stream is called MMS stream. You can view it with any most media player. I've tested with Windows Media Player, Media Player Classics and VLC. If you would like to see it's capability without writing any code just yet, take a look at U-Broadcast, it uses VideoCapX to do the job behind the scene.
I've been using DirectShow.Net for almost 2 years, and I still find it hard to write a streaming server myself, due to the complexity of DirectShow technology.
Other than WMV, you can take a look at Helix Server or Apple Streaming Server. The latter one is not free, so is WMV Streaming Server from Microsoft.
You can also take a look at VLC or Windows Media Encoder to do streaming straight from the application. But so far I find U-Broadcast out do both of the above. VLC has some compatibility issue with codec and playback from non VLC player, WME has problem with starting up capturing device.
Good Luck
NOTE: I'm not associated with VideoCapX or it's company, I'm just a happy user of it.