There's a "Stream" pull-down button in WMP7. Just check ok to streaming and enjoy the party.
And I use Skifta as the receiving app on my Droid?
yes.
Open skifta. It will go step by step.
Step 1: Choose a media source.
Click on that and it should list devices on the network, probably also including your phone. But it should list your computer.
If your computer isn't showing it, then check your services.
Open the start menu and in the "Search for ..." box at the bottom of it, enter "services.msc" and hit enter. That's the quick way to open services. Then check to see if this is running properly:
If it is, then the computer should serve what's in WMP. So open WMP...
And check off as shown.
Then go into the "Organize" menu and "Manage libraries" > "Video" (or whichever media). Then add the folder that contains your videos (or other media). It should then load that all up into the library. you'll see a list of the files.
Then go back to skifta, do step one... again, it may take a minute for all of the available servers to appear. But your computer should appear (assuming you are all on the same LAN).
Now if you want to serve files to outside of the local network, I'm not sure skifta will do it. I'd have to check.
Good luck and let me know if you have trouble.
-m