Can Flash Player ever play long videos, eg, for more than 3 hours or even 24 hours?

Can the Sever end also ever store such a long video to be send over to the user for playing?

For that matter, can Flash players ever be used to play live videos, ie, videos currently recorded by your friends and transmitted to you via Flash to your PC?

I hope I have made my questions clear. I am surprised I find it difficult to express myself clearly.