Streaming video to iTouch

["jch" <jch@nospam.com>]

I wonder if its possible to stream DVDs stored on a home server to an iTouch 
over a home LAN?  How might this be accomplished?  I assume the DVD would 
have to be converted to an Apple format (any choices besides QuickTime?) and 
then there would have to be an app to fetch the content in stream mode and 
display it correctly on the iTouch screen.  Can this be easily done?  Is 
there an app already out there? The next step would be to have an iPhone 
access the same video content over the internet (again either stored on a 
home server or on a hosted server) and play content on the phone.  I don't 
have an iPhone.  Is this already possible?   My goal would be to access and 
play personally owned video content (ie DVDs already purchased) over the LAN 
or internet on an iTouch or iPhone.  Just a cool thing I'd think would be 
easy to accomplish and another way to use DVDs already purchased.