As Red5 1.0 release gets closer & RTMP reaches now to Android, Macs, PCs and much more, this is the best thing you may be looking for on the web. A Red51.0 RC1 custom streamer application (version 1) with Custom Directory Setter for recording and playback of files. Even though the application also implements stream security, it has not been tested properly yet. The basic functionality of streaming and custom location is tested and is working properly.
To set custom location for recording/playback , please read the post here: http://flashvisions.com/java/ready-to-use-red5-streamer-application/
Enjoy Live Streaming / Recording on Red5 1.0 (RC1)