The folks at the video broadcasting service Livestream have a new tool out for Twitter users called Twitcam that lets anyone with a Twitter account start streaming their own show, complete with live chat.
Each page the service creates gets its own URL, which users can come back to at any point and watch once the live-streaming portion of the show is over.
As for the chat, it's all handled via tweets. Anytime someone replies to one of your tweets where the link to the show is included, the app counts it as a reply. It then aggregates these in one place, so everyone who is watching your show can see the entire conversation. It's not exactly the best way to handle it, since sometimes it's nice to have some basic text chatter that doesn't fill up your Twitter stream with stray tweets, but it's done in a way that keeps everything tightly-organized.
Livestream says that Twitcam was built in about a week and uses new player tools that are going into an updated version of its API that will be released in the near future. The company hopes these will let anyone build a similar service with their own branding, and audience tools--preferably with a chat system that does not require so many tweets.
An archive of the live chat I used while testing this service out is embedded after the jump.
See also: Justin.tv's CamTweet (which is in private beta)
Note: There's no audio on this on purpose. As a company rule we do not have microphones set up that play live audio to outside parties.