In the Flash world there is the concept of objects representing a live streaming connection and stream (NetConnection and NetStream). Though the Flash API these objects can be used to inject text metadata into a live stream (NetStream.send()). This data can then be listened for at the viewing end in a Flash viewing application with listeners in ActionScript code. You could pass function calls through a video stream via this and listen for them and execute them on the client end.
Does this concept exist in the Apple HTTP Live Streaming realm?