TwitCasting lets you stream live video and tweet simultaneously from your iPhone

Late last year, Ustream and qik launched iPhone applications that let you stream videos from the iPhone to the web and allow others to watch them as they’re being recorded. And now there is an iPhone app called TwitCasting Live (iTunes link), which offers the same basic functionality, but is – as the name suggests – much more deeply integrated into Twitter.

The free app is essentially a live streaming app and Twitter client rolled into one. TwitCasting Live splits the iPhone screen in half, allowing you to view your Twitter timeline, update your status, access the web etc. on the bottom half, while recording (broadcasting) video on the top.