Abstract: A multimedia-on-demand peer-to-peer device acting as a receiving peer includes a local cache memory device adapted to store a multimedia prefix. Local storage of the multimedia prefix allows rapid commencement of playback of the requested multimedia program without substantially loading the streaming capacity of an associated server device. The storage of multimedia prefixes in local cache memory of the receiving peer device can take place during periods of relatively low network loading so as to optimize network and server scheduling. Included is a method and apparatus for performing admission control in a peer-to-peer multimedia-on-demand system. The admission control system determines if there is sufficient system capacity to support a new request from a peer-to-peer device acting as a client in light of the presence of stored multimedia prefixes at the peer-to-peer device acting as a receiving peer device, among other factors.