ASP.NET - Video Streaming to a client browser from the server

Hi,
I have to write an ASP.NET Web application (ASP.NET 4.0) to retrieve a video file from the server directory and stream it to a client side(browser). I am totally new in the streaming area. See the following scenarios. Scenario 1: I want to play pre stored videos from the server directory and stream it to a client side(browser). I want to play that video repeatedly, and for this don't want to do server trip again and again for each run of same video. Scenario 2: Live TV on client browser Please suggest how can achieve this and if any media service or API is available to do the same. If that API or media service provide some scheduling service to play stored videos then would be great.