I have successfully written an asp.net application to stream multiple users P2P video using Red5.
Integration of red5 is actually simple. Once you've got it working on your Server/VM all you have to do is install the olfa Demo and you can write a player/streamer in flash. You just have to set the netconnections. One for the incoming stream and another for the outgoing stream. Then you'd have to add a mic & camera capture to attach them to the outgoing stream. If you want to make your player/Streamer more robust you can use a combination of Javascript and a webservice(AJAX) to control what streams to where.
You weren't very detailed on what you wanted to do otherwise I could have probably assisted you further.
For example code go to
http://code.google.com/p/red5/source/browse/#svn%2Fflash%2Ftrunk%253Fstate%253Dclosed