AirFloat is a free Cydia tweak that turns your iPhone, iPod Touch, or iPad into an AirPlay receiver that means you can stream music from your computer to iOS device using iTunes and it also let you allow to stream music between iDevices.
Using AirFloat you can only stream audio music to other devices so it does not support video streaming right now.
So, if you want to try AirFloat then just visit BigBoss repository, download and install it on your jailbroken iDevice and restart your iDevice. Then just start Server app from springboard of your iDevice to connect to iTunes or any airplay-capable devices.
Airfloat works great on iPad and iPhone for streaming music but it only works for audio streaming.