Netjack is an Audio over IP (AoIP) application that sends & receives audio and midi over a network in real-time. This is how I use it in our Linux powered studio.
Server: jack_load netmanager Client: jackd -d net
-R Realtime -S Synchronous -P Priority -d Driver -C Input -P Outputs -i MIDI In -o MIDI Out -n Name -l Network latency -a IP address of the server -p Port -M MTU
Network latency can be adjusted by passing -l. Default is 5.
Round-trip latency at 48000/128 5 - 16.00 4 - 13.33 3 - 10.66 2 - 8.0 1 - 5.33 0 - 2.66