Would it be possible to create a module or an option in to the component to stream live bible study?
and ask questions live?? sort of like a live conference or live?

have you tried www.ustream.com for this sort of thing?

gotta be a more cleaner way to integrate... in my case the key would need to be an unbranded solution

I havent but its my understanding users have to go to ustream site so be able to view it, besides if it was integrated to the bible study component the administrator would have more control over the people that can watch the stream.

and in my case would have to be unbranded as well.

You can bring a UStream stream into your website. I do this in another job I have. You can get the embed codes and then publish that in a Joomla content item (by going to source - then pasting in the embed codes).

does that still have branding?