Yes, you can play multiple video/audio streams at the same time. Here's how:
Many versions of Windows still contain the Classic Windows Media Player 6.4. To open this player, click Start -> Run, then type "mplayer2.exe" (without quotes), and hit Enter. If you see Windows Media Player start, then you have the 6.4 version. If not, you can download it here.
Then, on the WMP 6.4 menu select View -> Options. Then select the Player tab and choose "Open a new player for each media file played" then click OK.

Now to Play Multiple Streams:
Click on the video stream link you want to watch (your newer WMP player should start playing it). While the video is playing in this player, right click on it and select Properties. Now highlight the URL next to Location: , then Copy it (Ctrl-C), open WMP 6.4, if it's not already open, hit Ctrl-O and Paste (Ctrl-V) the URL into the Open dialog box and click OK.
Your video stream should now start playing. When you first play the video in WMP 6.4 it may need to download and install a codec. You can now close the other WMP. Repeat these steps for each video stream you want to watch.

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