I've done some streaming on justin.tv before. Here's an example of some smurfing:
Justin.tv - zhouzhou69 - Professional screwing around
I use VHCapture + Adobe FMLE (flash media live encoder, you can download from justin.tv directly). The quality isn't that great, because my upload bandwidth is garbage. Just a side effect of being Canadian. Also I use a 16:10 resolution, and it simply doesn't convert as well into standard media formats supported by FMLE.
It's rather simple to setup... Somehow my friend seemed to have some trouble though. I assume you are somewhat savvy? It's quite straightforward.
Here's a link to VHCapture, credits to teamliquid:
http://pwnnoobs.com/wp-content/uploa...9/vhscrcap.zip