For most? No.

But it's sad to read you bought all this before reading some page like https://ustream.zendesk.com/entries/21537123-Ustream-Recommended-Streaming-Setups where you see the recommended setups.

Again, while it may be possible, if folk ask then the answer is no. That is, those that want to dive into writing code and such dive in and do this. Some folk get upset about this or expect help in cracking the code.

For your research, look to google and that model. Add the phrase "use as a webcam" and see if anyone figured it out. As I don't own this model I can't help with the jail break.
Bob