I would like to stream the output of iTunes from one computer to another. iTunes can already stream to an Airport Express. I would like my MacBook to sit on the network and look like an Airport Express so that other machines running iTunes can select it as an AirTunes speaker and stream to it.
Perhaps I'm misunderstanding the question but wouldn't iTunes Sharing do what you want? Preferences>Sharing and then turn on sharing and looking for shared libraries.
I understand that you want to stream the output but if you enable sharing couldn't you just play the music from the other computer? You wouldn't need to stream. It's not the same thing but, depending on exactly what you're trying to accomplish, the end result might be very similar.
As noted you will need to turn of 'sharing' in iTunes prefs AND crate a network between the 2 computers if you are not going to us an APExpress/Extreme. The Airtunes speaker stuff is an AP Express item.
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Airport Express Emulation
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