After some python codings and with the help of Open Broadcaster I was able to create a full HD wireless video streaming system. But there is a 1 second time lag. I think I can tweak it down to couple of milliseconds. For this wireless video streaming link I have used over clocked Raspberry Pi model B.
Here is a photos of the RPI and the Video Stream
Video of the 1 second time lag
This is how it performs when playing a HD YouTube video