It should be possible. To compile ffmpeg and ffserver for Android there are a lot of tutorials and scripts around here.
I'd recommend that you build just ffmpeg for Android, but since this is an executable it will be hard to run it properly in Android, so you should build libffmpeg and use that in your app, feed the source to it after you set the correct parameters(see libffmpeg docs and forums and lists).
Then you should run ffserver on a different machine, there are 2 resons for this:
1. if you run it on you Android it will drain battery life and internet connection
2. you can connect to it just from your local network anyway, so run it on the pc and then use vlc to connect to that.
It won't be easy if you never worked with libffmpeg, but it should work. I will also mention that ffmpeg streaming is not very optimized for Android and NEON processors. There are alternatives, but first make it work and then optimize.