I'm no so sure Real Server could, but you could write a simple little program to do the work... A quick search for an IP relay dameon turned up a bunch of programs that can do a single connection, but nothing that does what you're looking for. I'm sure if you find a simple one with asynchronus system calls, you can easily mod it to do what you need (replace the write(3) call with a function that writes to all the open client connections, and modify the accept routine to not forward annother tunnel)
http://quozl.netrek.org/tcpxd/ would be a good place to start for that.
You'll either have to get crazy with the programming, or search harder than I did to find what you need.
Good luck.