Yahoo uncovers an experimental live video product last night.
A live streaming video service and was testing it with Yahoo! employees. The service (Yahoo! Live) enables anyone with a Web camera to create their own live video stream (similar to the competing sites: BlogTV, Mogulus, UStream.tv and Justin.tv) and broadcast, lifecast or webcast till their hearts are content.
The new service will allow anyone to text message in a chat box anybody who is streaming live, and of course you can embed videos from around the web.
It gets even better, Yahoo has also created an API for developers and has made a preview of the API and its embeddable components, and made a sample app and tutorial available as well.