If you look at the bandwidth numbers, it just won't work. Say you want to do 640x480, 60Hz, 24 bit color => 300K pixels * 3 bytes/pixel * 60 = ~60 Megabytes per second. That would be pushing gigabit ethernet, and is about 50 times greater that what you can do with 802.11.
Now, if you are willing to go analog, and do TV resolutions - then it's easy, but expect to have some pretty lousy quality...
The real solution that commercial products use is to have some complex and expensive encoding techniques that are nearly impossible to homebrew.