Update: Finally got some spare time and got udpxy and igmpproxy compiled.
Both seem to be running, except that I just can not make them work.
I get either resource not available or protocol not supported error messages :-(
So I guess that without multicast support enabled in the kernel we will not be able to watch our favourite IPTV.
I am attaching the compiled files if anyone wanna play - please let me know if I am worng and you are successfull with these.
Regards.