I've watched a few things on JTV before, mostly video gaming actually. xDDD;
@Drunken watermelon: I do recall there being an indicator if you check the stream's page or somewhere in there if the stream is live. Though I do know that chat is member-only, you can embed the stream (live or not) into pages, so if we wanted, we could set up a page here or something with a non-sign-up-required chatroom, just putting somewhere on the stream page to come to that link. I've seen that done, so it's not impossible.
Also, if not streaming, JTV does this "highlights" system, which are excerpts from live streams. I'm not sure if you can put in highlights that weren't streamed, but you can look into that. But this would allow you to make a highlight of, say, the most recent catalog video, and then it'll show up in rotation through other highlights when the stream isn't live.
Also, if multiple people wanted to stream them playing or something, just make a project-imas account and have it accessible to those who wish to stream. Set up a schedule of who streams what days and such. Everyone could also set up an online chat system and talk together while playing and such. Obviously not every member, maybe have groups of people, one person who plays, while they have a group of other forum members who comment on it or whatever. :3
edit: also, depending on how college happens and what I can do there gaming-wise, I may be able to stream some SP if I get a setup for it. But also realize that isn't exactly a super high chance that I can do it, just throwing it out there.