The Apple iPhone is a marvelous multimedia tool indeed, allowing users to experience the Web along with other great functions of a mobile handset. Streaming video of live TV, however, is something not fully developed in its arsenal, until now.

Orb Networks says it has the technology to arm the iPhone with the immediacy of live TV. The company says that it has developed a means to deliver feeds straight to the iPhone (or an iPod Touch) similar to how a normal TV would receive it.

"TV on the iPhone is now real," said Joe Costello, CEO of Orb Networks. "Steve Jobs may think that buying shows from iTunes is the same as watching TV, but iPhone users know better.

The executive drilled home the point by adding "when the NBA playoffs are on, you want to see the game, live, wherever you are. Free."

A tutorial video is available. Just remember that you must have a jailbroken iPhone or iPod Touch to use it. Watch: