I believe orb will do what you ask.
Do a search for orb on here it should point you to the right direction.
www.orb.com is the site I believe I am not sure I have never used it (well I did but that was like 5 years ago)
Basically you set up your pc to record the movie you want and put the file in a folder of movies/videos etc and then orb will let you browse that file from your ppc, select your video and orb will reencode it on the fly to a format that is suitable for your pocket pc and stream that video to you.
I think orb will also test your bandwith to determine the best quality setting you can get for your stream.
So if you are on a slow connection it will compress it more etc.
I am not sure if it supports live tv tuner capability but if you feel the need to be able to watch things live and turn your ppc into a television then check out slingbox/slingplayer combination.
Slingbox turns your home into a remote converter box that you can access from your phone. Watch tv, change channels, check guide etc.
Hope this helps.