enigma1 - 5:14 pm on Oct 26, 2011 (gmt 0)
Use some js so the bots will never see a link to it in case you're concerned with wasting resources. The way it goes is the regular html/css includes a picture (like the first frame). Once the user clicks on it the js takes over (you basically hook the selector/click) and send a request to the server (use some ajax) and start streaming by updating the html with whatever html tags (embed, video etc).
Doesn't need to be in an iframe and there are converters for the various video formats you may want to expose.