Simple way to show any live video stream in standalone player?

Hi!

Is there a simple way to show any live video stream like for example any stream from http://www.twitch.tv via standalone flash/AIR player?

Id like to create a desktop cinema with custom streams from the web for personal use.

SIDENOTE:
I can code it, just dont even know where to start. Not even sure if i need developer key or need to buy anything else, in that case its not simple. In case it is simple, pls point me to tutorial or describe the requirements.

EDIT:
In the worst case, showing snapshots of the stream eg each 10s 1 picture would suffice.

Thank You!