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Increasing demand for performance and efficiency has driven the computer industry toward multicore systems. These systems have become the industry standard in almost all segments of the computer market from high-end servers to handheld devices. In order to efficiently use these systems, an extensive amount of research and industry support has been devoted to developing explicitly parallel programming paradigms, such as streaming models, and new compiler techniques. One important challenge that arises in multicore systems is the ability to dynamically adapt a running application to a target architecture in the face of changes in resource availability (e.g., number of cores, available memory or bandwidth). In this paper, we focus on the increasingly important area of streaming computing and introduce Flextream as a flexible compilation framework that can dynamically adapt applications to the changing characteristics of the underlying architecture. We believe this is an important contribution as software developers grapple with the details of parallelism in a rapidly changing architecture landscape. Flextream achieves its goals through a combination of static compilation and dynamic adaptation techniques. Our results indicate that Flextreampsilas approach can achieve high-performance resource allocations that are within an average of 9% of the optimal solution with low overhead for a wide range of streaming applications.