Can Unity play live streamed video and audio sources continuously?

An example of a live video source is a networked IP camera. This would be useful in developing Augmented Reality applications with Unity. An example of a live audio source is audio from other networked players. I understand that networked video/audio sources can be streamed into Unity, but the impression is that this is oriented towards a web "file" view of the world where the stream will end when the video or audio file has finished playing. The scenario this question relates to is when the video and audio sources will continue to supply streamed data for as long as the Unity application is running.

If Unity does not support a continuous stream, is there a workaround approach where new Movie/Audio objects are created and old ones discarded on a regular basis?

It's definitely possible to add streaming support via plugin - i've seen it done, though it's way out of the scope of this answer to go through how to write a native plugin to do it

If the network files were saved into files to be streamed, then yes, your workaround idea would work, but that'd require some effort on the server side of things, especially to make sure the client downloaded the right parts