P-to-P network for video conferencing over the LAN
 

I am trying to
-capture and synchronize video and audio
-compress the captured data
-transport the compressed data using suitable protocols
-decompress the received data at the other end
-and finally playing it over the LAN.

So, which protocols should I use: H.323 or RTSP or anything else? Which are the best suitable APIs for the above steps?
Also, tell me if I should proceed in some other way.