Yes it's possible and very easy thing to implement. What we need is httpd and flv player. So let start. Lighttpd have dedicated module for that witch is called

Lighttpd have dedicated module for that witch is called "mod_flv_streaming" so we have just to activate it. Else we have to tell lighttpd witch of extensions will be handled using this module:

flv-streaming.extensions = ( ".flv" )

From lighttpd part it's all we need

Else we have to have flv player witch understand flv streaming. I prefer flowplayer. It's very customozable player with a lot of features. Syntax for embeding flowplayer witch flv streaming support looks like:

<a href="/var/plain_site/storage/original/video/11f0318e109cad1d294ae31b53034fba.flv?node_id_video=4773"   style="display:block;width:430px;height:344px" id="player"> </a> 
                
<script>
flowplayer("player", {src:"/extension/ezvideoflv/design/standard/flash/flowplayer.swf"+"?time="+Math.round(new Date().getTime() / 1000)}
	
	, { 
	    play: { opacity: 0 },
    clip:  { 
        autoPlay: false, 
        autoBuffering: false , 
        provider: "lighttpd",
        scaling: "fit" 
    },
    plugins: {
        controls: {            
            url: "/extension/ezvideoflv/design/standard/flash/flowplayer.controls-3.1.5.swf"         
        },
        lighttpd: { 
            url: "/extension/ezvideoflv/design/standard/flash/flowplayer.pseudostreaming-3.1.3.swf",
            queryString: escape('&start=${start}') 
        } 
    } 
});
</script> 


I would like that you pay attention to
queryString: escape('&start=${start}')
In general because we use ?node_id_video=4773 in flv path. We make a little but different queryString.

Working examples http://etaplius.lt/Kinas/Sylvesterio-Stallone-o-projektas-The-Expendables