Any possible to stream DVD to iTouch?

I wonder if it’s possible to stream DVDs stored on a home server to an iTouch over a home LAN? How might this be accomplished? I assume the DVD would have to be converted to an Apple format firstly and then there would have to be an app to fetch the content in stream mode and display it correctly on the iTouch screen. Can this be easily done? Is this already possible? It will be a cool thing I think would be
easy to accomplish and another way to use DVDs already purchased.

If your jailbroken you could try VLC player for streaming, i know on the jailbroken side there is a few apps that are able to stream over wireless but not sure what is officially on apples list of streaming apps if i come across one i shall post up