It is all "Possible", have a read of this
Live TV Now Works (eos)! There are two parts to do what you want:
1) Create a Playlist - Attached are an example of ones I have created for TV/Webcam and another for Radio stations. You can now see these items in MC, and with Remotes like EOS (see the thread I've linked on how to do this for TV/Webcam)
2a) Playback - eg Radio Streams (HTTP etc), when you try to play it to a 3rd party Renderer (DLNA etc), MC will hand off the stream. It will work if your Renderer supports the stream. It will fail if it does not. I have had no issue with my Pio DLNA Active Speakers, but some of my Andriod devices don't like one or the other streams. I would prefer that MC process all streams and sends the processed stream but this is not part of the current feature set.
2b) TV & Webcam - this gets a bit more tricky. How MC works is when you play a TV Station/Webcam etc, MC will on the PC with the TV Tuner/Webcam buffer the stream to a file and then play that file. MC and MC Library Server Clients can of course play these entries just fine as the logic is part of MC but not for 3rd party renders as the reference sent to a DNLA Renderer is to the TV Channel itself and not the actual buffered video file. Now, the good news is MC has implemented a set of MCWS calls that lets you find out what the buffered file is. The Bad news is JR has not implemented using these calls with their Remotes or 3rd party renders. The Good News is the Dev of EOS (Soul_Rvr911) has done this, and you can now play the TV or Webcam Stream locally on Android Devices using EOS. It works really well. After your original post I have spoken with Soul_Rvr911 if he will extend this functionality so you can use EOS to push the stream to any Renderer (eg TV) and he is currently considering how to implement this. If you are keen I'd suggest reading the thread linked above and posting in it.
Thanks
Nathan