1. A system for providing a centralized peer-to-peer virtual environment in which a plurality of participants may view video, comprising: a media server serving and providing access to media file; a master remote client device capable of receiving input from a first participant to initiate creation of a transient shared object corresponding to the media file served by the media server; a plurality of secondary remote client devices, each coupled to the master remote client device and to other secondary remote client devices, and capable of receiving input from a corresponding one of a plurality of secondary participants and also capable of creating a corresponding transient shared object for each of the plurality of secondary remote client devices in response to the master remote client device creating the shared object, the plurality of transient shared objects being stored in a random access memory of the remote client devices and being deleted after a communication between the master remote client and the plurality of secondary remote client devices has ended; an operations server networked to the media server, the master remote client device and the plurality of secondary remote client devices, the operations server capable of managing communications between the transient shared object created by the master remote client device and the corresponding transient shared object for each of the plurality of secondary remote client devices, wherein the operations server is capable of receiving input from the master remote client device to update the transient shared object created by the master remote client device and transmitting instructions to update the corresponding transient shared objects for each of the plurality of secondary remote client devices.