I know, there are apps out there like steam, Xbox that streams the game video onto network. What I want is the same thing but i need to make my own code for the purpose (open source), so that I may amend it for different applications without any copyright issues. I know Winsock programming and can transmit sample videos (mp4 files) but this thing of capturing the display on one system and producing it on some remote system is different and much complicated (i suppose). Plus, the streaming needs to be live with minimum delays. I have access to gigabit ethernet to address slow fps issues but first i need to transmit recieve a sample buffer If someone please guide me on how to go about it
I think gstreamer is the closest thing to what you want. Look here and here for more info.
Also, look at ffmpeg.