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If you are talking about the server side, a streaming server software like Wowza will do the work.
On the camera end, you need some cards to get the video input in digital form from professional video cams, or use a webcam. Softwares like wirecast or Adobe FLME can stream the video to the streaming server.
VLC Player has a feature that allows you to stream content from multiple resources over multiple protocols with encoding settings etc. You probably could start a online TV station using this software with a few tweaks. But keep in mind, you might have to pay for Rights over the content that you are going to broadcast, this could cost alot of money.
For radio: Shoutcast or Icecast as a server will do the trick. You also need an encoder like SAMCast to stream your sound.
As for TV: I installed Flash Media Server. For encoding my videostream, I use Telestreams Wirecast.