Need a video/audio 'time base corrector' with a very large time buffer
You can do this with GStreamer and a plugin called rtpjitterbuffer. There is an example usage on the bottom of that page with the gst-launch tool to do a simple desktop playback of an rtp stream with network errors.

gst-launch-1.0 rtspsrc location=rtsp://192.168.1.133:8554/mpeg1or2AudioVideoTest ! rtpjitterbuffer ! rtpmpvdepay ! mpeg2dec ! xvimagesink


You can customize this to your need and set specific timeouts and also make a new network stream instead of doing desktop playback. You can do pretty much anything with gstreamer, you just have to read a bit into it.

Regarding hardware I don't know of any that does this but I'd guess its pretty expensive like it usually is with very specialized hardware.