Littleshoot is in short a browser-based P2P service that is based on the open source SIP protocol. The service also offers search and download capability for various other media services, such as Youtube, Yahoo's video search and Limewire / Gnutella.
It features a nifty integration of Yahoo's Flash media player, making it possible to play back MP3s you download right in your browser. One interesting technical aspect about it is that it making substantial use of Google's App engine. Fisk is also working on a Twitter integration right now that will make it possible to share media files through Twitter in your browser.