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One type of Peer-to-Peer (P2P) live streaming has not yet been significantly investigated, namely topologies that provide many-to-many, interactive connectivity. Exemplar applications of such P2P systems include spatial audio services for networked virtual environments (NVEs) and distributed online games. Numerous challenging problems have to be overcome-among them providing low delay, resilience to churn, effective load balancing, and rapid convergence-in such dynamic environments. We propose a novel P2P overlay dissemination mechanism, termed IDM, that can satisfy such demanding real-time requirements. Our target application is to provide spatialized voice support in multiplayer NVEs, where each bandwidth constrained peer potentially communicates with all other peers within its area-of-interest (AoI). With IDM each peer maintains a set of partners, termed helpers, which may act as stream forwarders. We prove analytically that the system reachability is maximized when the loads of helpers are balanced proportionally to their network capacities. We then propose a game-theoretic algorithm that balances the loads of the peers in a fully distributed manner. Of practical importance in dynamic systems, we prove that our algorithm converges to an approximately balanced state from any prior state in rapid O(log log n) time, where n is the number of users. We further evaluate our technique with simulations and show that it can achieve near optimal system reachability and satisfy the tight latency constraints of interactive audio under conditions of churn, avatar mobility, and heterogeneous user access network bandwidth.