If you have an application named "vod" with StreamType "default", and you use it to stream static content, for example like this:
You can use also use this application to stream to "publish live and vod with the same application.xml"
var nsVOD:NetStream = new NetStream(netconnection);
Note that you call setStreamType using the netconnection before you use that netconnection to create a new NetStream.
var nsLive:NetStream = new NetStream(netconnection);