There is a new option allowing you to set an app default to all is compatible files type. So it's a one click problem
https://support.microsoft.com/en-us/windows/change-default-programs-in-windows-e5d82cad-17d1-c53b-3505-f10a32e1894d
Turns out it doesn't, my bad.
Drugs, goods and bads, are haram
You only own the game as long as the support holds. Scratch the disk, empty the card ram battery, etc. You're done.
I dig a little and there is an option on the GUI to easily stream. On the media menu, there is a stream option (CTRL+S) which allows you to stream a file using the interface you want. It will create a server and it's up to you to make that server available to your friends (port forwarding). They will the open your video from a network interface link.
Though, while I did manage to stream between two instances of VLC on the same machine. It was after many attempts and I did not have any sound.
Not incredible, I will admit, but I'm quite confident it can work well once you understand what parameters to use.
VLC support RTMP, streaming a live feed like twitch. https://wiki.videolan.org/RTMP/
VLC also support reading from network https://wiki.videolan.org/Documentation:Play_HowTo/Basic_Use_0.9/Opening_modes/#Opening_a_Network
You are also able to generate a stream through multiple interfaces though I couldn't find how. Still, it is officially reported as being possible. https://www.videolan.org/streaming-features.html