Quadmaster posted a nice guide to streaming video in lan on the techenclave website. All you need is the great media player VLC (video lan client), in a recent poll 36% of all voters on ghacks voted for vlc as the best media player. You need to assign local IP addresses if you have not done so allready, for sake of simplicity I assume the main pc that streams the content has a IP of 192.168.0.1 and the first client pc that recieves the stream has the IP 192.168.0.2.
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