H.264 is a codec used to shrink down high resolution video for storing, viewing or delivery. Think of the codec as the cookbook and H.264 as the chicken section. In a cookbook, there are many ways to prepare chicken. You can fry it, bake it, broil it, make soup from it, the list goes on. The same is true for video. Once you prepare it, you can burn it on a DVD, broadcast it, stream it on the internet, make quicktime movies for iPods etc. You take the same ingredient (chicken or video) and cook it into something that can be consumed in different meals or in the case of video, different media applications.
H.264 is a cooked (finished) format like fried chicken is cooked from raw chicken. The fried chicken is finished and ready for consumption. You might be able to watch uncompressed video on the web if you have huge bandwidth and time on your hands just like you can eat raw chicken if you want to, but there are better options.
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