Re-broadcasting live streaming eg ustream.tv

[hashoom]

Hi im new to the flash streaming world but i learnt allot of things lately and im willing to learn more if you could point me to the right direction..

I have a channel on ustream.tv I use FME to stream on it, now ustream.tv have their own flash player to embed it to my site, I have seen people take my stream and put it into their own flash player that they create how can this be done?
do they pull the rtmp from the stream and add create their own web player based on it?

also i need help on how to create my own flash player to embed on my site please point me to the right direction

thanks allot