What is Live Streaming? Wikipedia.org says:
Streaming media is multimedia that is constantly received by and presented to an end-user while being delivered by a streaming provider.
Live streaming is audio or video that is being delivered in real time that can be watched to or listened over the internet. There are many streaming providers including Ustream who streamed live some of the biggest events of 2010, as examples see this video of what Ustream thought their biggest events of 2010 were:
As an example of a Live streaming channel see the TWIT tech network live streaming on provider called Justin.tv: