Hi Bill,
It is possible, but it's not something that we (the core developers) have tried.
Historically, BigBlueButton always used an external application (FreeSWITCH or Asterisk) for voice conferencing. The first released version of BigBlueButton 0.4 used Asterisk. It had no built-in SIP phone, so the only way to connect was via a dial-in number through Asterisk. Version 0.6 added a SIP phone, and in 0.71 we went with FreeSWITCH (see
http://code.google.com/p/bigbluebutton/wiki/ReleaseNotes).
To do everything in red5, you would need to implement a voice multiplexer in red5. The Listener's window currently uses the event services layer from FreeSWITCH for the current status of the voice conference (list of users, muted/unmuted, who is talking). The mute/unmute buttons also send commands to FreeSWITCH to mute/unmute an individual channel or all users. You could mock the current functionality, so the listener's window does not change, or replace the listener's window with a red5 specific version.
Again, all possible to do, but not something we've tried, and there have been other capabilities on our roadmap that people have wanted (much more) than scalability, such as record and playback which has kept us very busy and focused for the moment.
Regards,... Fred
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BigBlueButton Developer
BigBlueButton on twitter: @bigbluebutton