How can I split a stream one big, one small ?

I have a win2k3 server running media services.

I use a laptop with media encoder 9, and DV cams for a live stream of ball games to the server.

Here at the college, we inject our games into the local cable tv and the quality is good.

I want to also allow viewers to watch the game via the internet.

Here's the problem....

The stream that I'm encoding is to large to be viewed over the internet.

How or what do I need to do to push one large DVD quality stream out to the local tv station (this parts works good now) and take the same stream, and maybe reduce it's size, FPS and bit rate to something that will play on the internet

Thanks

Brian