I run wowza as a user wowza, and I am using daemontools for managing the process.
http://cr.yp.to/daemontools.html
This works great. I noticed that max file descriptor is low.
INFO server comment - Max File Descriptor Count: 1024
Now I have setup the limits.conf and increased it to 65535 with the following.
/etc/security/limits.conf
wowza - nofile 65535
Am I missing something?