Video Player - Mutiple Feed Sources/Channels

We desire to have an embed/sharable video player that we can pre-load with feeds from multiple sources (ie: YouTube & uStream-perhaps others but that seems to be primary) Members of our community have established content available for us to obtain. However we lack the ability to bring in uStream with YouTube in a single player. Ideally instead of displaying the group of videos, it would initially display the Channel options and then once selected, display the short list of videos within the feed.

We want the ability to show uStream "Live" Shows and Channels based on User Feeds allowing the member to select the channel content of their choice. We would like the ability for the Admin to set the default channel allowing us to control if we want the player to auto play or user generate onclick as well as the default channel to be played at anytime.

As well, a strong desire to obtain a solution to pull in recorded content from uStream into the single player.

There are some amazing minds at work here. So I am very interested to see who might be up to the challenge or whom may have already created similar.