After a few days of testing with my own stream different formats and settings, that's what I found out.
Streams using MPEG-PS/H.264 or MPEG-TS/H.264 format will load and work fine on iPhone using wireless. Streams using ASF/WMV format won't load with Sopcast Lite.
On your iPhone go to App Store
Search Sopcast Lite
Install the App
Open Sopcast Lite App
Click on *Favorites
Click on +
Channel Name: "Name it whatever you like"
Sop address: "Type" sop://broker.sopcast.com:3912/ "Channel ID "
Example Sop address : sop://broker.sopcast.com:3912//176549 or sop://188.8.131.52:3912/176549
Under Favorites click on saved *Channel Name" and let it load takes about 45-60 seconds depending on your wireless. If channel is not online it will close after after about 15 seconds and take you back to Favorites.
Compatible with iPhone, iPod touch, and iPad.Requires iOS 3.2 or later