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Hey,
First check you phone ability to use Video sharing as it depends on the UMTS network availability.

And to set up UMTS connection, first contact your service provider to send the settings to use the UMTS network and then ensure UMTS access point connections settings.

For live video streaming you can use S60 application called Qik.
Their server is fast and you can share the videos throught their server. you can post your comments on other's videos and also receive comments on your video via phone. If a person is offline, then also you can see videos posted by him.