This is a project I've had in my mind for a while now but just coded today, streaming live audio from your computer to your android phone. It works but currently only from the computers microphone and there is a 500-1000ms latency. It streams raw 8bit unsigned pcm data over wifi at 44.1khz.

So far it sounds good, but I'd like to try to decrease the lag and get audio from applications rather than the microphone.