Hmm, there is XMoov that acts like a "streaming server", but not much more than serving the file byte as a byte, with a few additional parameters and settings. These promises random access (i.e. random skipping inside the video), but I haven't used it myself yet.
As a server administrator, however, I would frown at anyone who uses PHP to serve such huge files due to the load that he puts on the server. I would not consider this a good idea at all and instead rented a streaming server, if at all possible. Use at your own risk.
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