Streaming MyTheatre to the internet using VLC
There seems to be a lot of guides for older versions of VLC which changed significantly at version 1.x so here's a new one covering streaming for new versions. The first section is really only for MyTheatre users however, streaming from a file will work in the same way - instead of opening the network stream at the first stage open a video or audio file instead. The codec settings I used are for low bandwidth situations.
You need to open/forward port 8080 in your firewall for this to work and on the remote PC in VLC open network stream entering YourIP:8080