This paper describes the Stanford P2P Multicast (SPPM) streaming system that employs an overlay architecture specifically designed for low delay video applications. In order to provide interactivity to the user, this system has to keep the end-to-end delay as small as possible while guaranteeing a high video quality. A set of complimentary multicast trees is maintained to efficiently relay video traffic and a Congestion-Distortion Optimized (CoDiO) scheduler prioritizes more important video packets. Local retransmission is employed to mitigate packet loss. Real-time experiments performed on the Planet-Lab show the effectiveness of the system and the benefits of a content-aware scheduler in case of congestion or node failures.