Orb Networks has launched a new application for streaming live TV on iPhone and iPod Touch device.  The application named OrbLive for iPhone will let you stream anything from a sporting event to news from your computer to your iPhone or iPod for free.  The catch is, the iPhone or iPod that you wish to use with this service should be jailbroken.

To watch TV, you first need to download and install OrbLive application on a PC or a Mac which should also have a TV tuner card.  After that you have to install the application on a jailbroken iPhone or iPod touch.  Tune your computer to show the desired content and leave it connected to the Internet.  That’s it, when you open the application on iPhone or iPod, you can watch live content streamed by the computer on which you installed the OrbLive for iPhone application.

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