peer to peer connections

Hi, I am hoping for some clarity with you on how peer to peer works. Suppose peer1 wants to do a live video call with peer2 capturing live video, audio or for playing streams.

My understanding is peer1 gets its nc.nearID once it connects up to Flash Media Server. When connected to FMS it will publish a stream name .To connect successfully to peer2 .Peer2 will then have to set its farID parameter to that of peer1 nearID property. Furthermore, peer2 would need to know the published stream name of peer1. Am I correct  in this?

If answer is yes, then how can peer1 and peer2 exchange information and gain access to other peerIDs.

Thank You.