On OSX this will work for some Flash video implementations, but not others. (BBC iPlayer website: yes, Desktop: no; other UK TV channels: no) You can use https://github.com/apenwarr/sshuttle to transparently proxy all TCP connections (to whitelisted or non-blacklisted IPs) though. OSX and Linux only, though.

The BBC iPlayer website is pretty easy to fool. I just set up a squid proxy on a UK VPS and created a .pac file that redirects all bbc.co.uk requests. The final video stream won't be on that domain, so it will just go over the "normal" connection.

Curious. I didn't realise the stream itself wasn't IP-restricted. This could solve issues with flaky VPS bandwidth.

I didn't know that but it can't be that hard to fix -- all you would have to do would be to disallow outgoing port 80 connections with the firewall, right?

It works for me on some sites, on OS X in Canada. I watch Hulu and YouTube videos only available in the US with that method. YMMV.