Is mobile live streaming possible?

Is this possible in iphone or android apps? the mobile live streaming?

if yes, what are the components that's needed?

Yes. There are lots of services that do this. 

You can self host, or work with a hosting service like Ustream.com, Livestream.com etc...

You can then make your stream private (on some of them) and embed it into an HTML page.

Allows chat to run alongside the stream also.

Be creative and make the page open only to a paid membership and you can PPV on your Dolphin site.

Ive done it before on an old site, works well.

This is the easiest way forwards without self hosting which is technical if you're talking about being available to stream on mobile apps etc...