After beta testing for a while, Microsoft has finally released the first public version of Silverlight, their media streaming solution that aims to be a competitor for Adobe's Flash.
Scott Guthrie noted in a blog posting that Silverlight should allow users to stream media from any web-server that allows streaming. Silverlight is more versatile than Flash because it is represented by text and does not need to be compiled.
If you have a computer science degree, head on over this the wikipedia page for Silverlight to school yourself. We have games to play.
PC Magazine: Microsoft Releases Silverlight, Pairs With Novell