Assuming you have MacPorts installed. Run the following command:
sudo port install erlang

Once that is done you are ready to install Erlyvideo. Go here for up to date install instructions (you will also need git installed).

Finally on to the fun stuff. go to http://localhost:8082/

Assuming everything worked alright you should see the flash content loaded. Go ahead open up terminal and run the following command replacing INPUT_FILE with the file of your choice.

ffmpeg -i INPUT_FILE -re -ac 2 -acodec libfaac -vcodec libx264 -vpre default -s 480x320 -f flv rtmp://localhost:1935/rtmp/test

Now switch back to your browser where you have the erlyvideo page loaded. replace the url at the top of the page with.
rtmp://localhost:1935/rtmp/test

Click on the Connect button.
Then towards the bottom of the page click the Play button.

Congratulations you are now streaming video to erlyvideo!!!

First you will need to download and install Xcode and then MacPorts. Please go here for MacPort download and install instructions.

Once when MacPorts is done being installed you will need to install a few packages. They include yasm, pkgconfig and openssl. So lets begin getting those installed first. Type the following command into terminal and then press enter.
sudo port install yasm pkgconfig openssl

Once when this is complete you will need to download a few extra files. We are going to compile these manually so we make sure we have the latest and greatest.

FAAC v1.28
FAAD2 v2.7
Lame
LIBRTMP
x264 (download the latest build)
FFMPEG 0.6

First you will want to extract each archive. In OSX you can double-click on the archive to extract or else in terminal use the following command.

tar xzf FILE_NAME.tar.gz

Now it’s time to compile each library. Don’t worry its very easy. For the rest of the steps we will only be working in terminal. So open it up and navigate to where you downloaded your files. Mine are located in my Downloads folder.
cd ~/Downloads

Enter the following commands to navigate to your faac folder, configure, compile and install.

cd faac-1.28/
./configure
make
make install

Now to compile Faad

cd ../faad2-2.7/
./configure
make
make install

Lames turn

cd ../lame-3.98.4/
./configure
make
make install

RTMP is a little different.

cd ../rtmpdump-2.2e/
make SYS=MacOSX
make install

Your path to h264 will most likely be different from mine.

cd ../x264-snapshot-20100629-2245/
./configure
make
make install

Finally FFMPEG 0.6. This also requires a few more steps.
cd ../ffmpeg-0.6/
export PKG_CONFIG_PATH=/usr/local/lib/pkgconfig
./configure --enable-gpl --enable-nonfree --enable-pthreads --enable-libfaac --enable-libfaad --enable-libmp3lame --enable-libx264 --enable-libvpx --enable-librtmp
make
make install

Done! now you are ready to encode your file and send it to an RTMP server. I’ve been using the following command to test this.
ffmpeg -i INPUT_FILE -re -ac 2 -acodec libfaac -vcodec libx264 -vpre default -s 480x320 -f flv rtmp://localhost:1935/rtmp/test

Just replace INPUTE_FILE with the video you want to transcode and rtmp://localhost:1935/rtmp/test with the RTMP server you want to publish to. This could be a Flash Media Server, Wowza Server, Red5, Erlyvideo or any other server that supports this functionality.

Grab the goods here