Yes it is.
Take a look at the previous html5 specification: http://www.whatwg.org/specs/web-apps/current-work/multipage/video.html#attr-media-src
There is a huge load of specialties about streaming in html5.
And besides, take a look at this: http://web.psung.name/zeya/ - the entire html5 multimedia server.
EDIT
Actually, it's like impossible streaming live media. It’s not that it will remain impossible, but it’s actually not implemented at all - not one of today's HTML5 browsers will support this next month, because the real “live stream”, as you know from flash (or equal) on the the case was not determined by the w3 committee - yet.
2. EDIT
As previous experiments have shown, you can use threads without explicitly introducing anything specific to them. The "non" -stream path works with both streams and static files.
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