You can use ffmpeg to create a real time video stream using continues jpeg files and it will create mpeg format video using images.
Ffmpeg is a software project to work with videos, audios and other multimedia files. You can use ffmpeg class library project or command line exe application to work with ffmpeg.
If images are locally stored in computer, you can directly feed those images in 2 or 3 framerate to create the video. For example you can use following ffmpeg command to create a video file using multiple images.
ffmpeg -framerate 24 -i %d.jpg output.mp4
In above command -i is the input path and it produce output.mp4 file. Similarly you can use following command to create a real time mpegts udp stream.
ffmpeg -loop 1 -i %d.jpg -r 10 -vcodec mpeg4 -f mpegts udp://127.0.0.1:1234