Here is a great way to do exactly that, without all of the setup.
SmoothVideo Project (SVP)
http://www.svp-team.com/wiki/Main_Page
It includes a video player pre configured to play 60fps.
Pretty cool!!
Yea, realtime ofcourse :)
But if you want to experiment you could go for a http://www.nicovideo.jp/ experience where the comments gets saved at a certain time and scroll over the screen.
But yeah, if you all see the same stream it could be fun to see what other people think about just that moment :)
(This is something that I want for normal TV)
Adguard is an Adblock for mobile. Does not require rooting your phone neither. The adblock feature they just added to Private Internet Access doesn't seem to be working for me..and I went into settings to make sure it was on. Adguard seems to be blocking the ads though.