How does one update live streams in SMIL and buffer it ?

Is anyone by chance aware of how live streams, referenced in a SMIL file, be
updated ? (i.e insert advertisements in this stream such as clips or jpegs
locally, for viewing and buffering the same ?). Is it possible to stream out
videos other than the .rm files used by Real player ?
          If so, is there any mechanism used for buffering the video stream
and playback after an advertisement has been inserted into the same ?



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