Yes, you can do that with Wowza using the Stream class. This allows you stream pre-recorded content as live streams, and to mix live streams, everything you described can be done. And there are two examples you can work with.
This scheduler is a way of predefining a schedule in a smil file. This runs when the server starts. Items that have a schedule time in the past will start right away, and of course if the schedule is in the future, the stream will start then, based on the server’s clock. It is very precise, the stream will start to the second as scheduled. You can mix live and pre-recorded content. Items which have an actual live source get “start” value of “-2”. It is a good idea to have very similar encoding for video and audio between items, for live and pre-recorded items. This is used in production by many Wowza administrators.
https://www.wowza.com/docs/how-to-schedule-streaming-with-wowza-streaming-engine-streampublisher
This Stream controller is what will allow you to do this switching that you describe. You might set up a schedule, then operate an event with this. The client controller part of this, a Flash application, will do everything you describe, HOWEVER, it is missing two things: action feedback and state info. I.e., it’s a little like driving with a blindfold. You can see one stream at a time, and see the effect in real-time, but that’s all there is.
The forum discussions are worth reading through for more info, and are located here
And here:
Richard