So heres a little guide how to do it.
http://www.webcammax.com/ < That is the program that k2 used and it costs $30 for a full version of it.
http://ustream.tv/ < register
That's basically it. Webcammax is pretty much straighforward once you have your computer screen on the program just start your show on ustream.
My setup is this
Manufacturer: Compaq Presario 061
Processor: IntelŪ PentiumŪ 4 CPU 3.06GHz (2 CPUs)
Memory: 958MB RAM
Hard Drive: 192 GB
Video Card: ATI RADEON XPRESS 200 Series
Monitor: Plug and Play Monitor
Sound Card: Realtek HD Audio rear output
Speakers/Headphones: Altec Lansing
Keyboard: USB Root Hub
Mouse: USB Root Hub
Mouse Surface: computer table lol
Operating System: Windows XP Home Edition (5.1, Build 2600) Service Pack 2 (2600.xpsp_sp2_gdr.070227-2254)
The lag is unbearable. You would probably need 2gig ram or something. 512 ram and 1 gig ram will lag as if there was a boss event during turk time ok? You can try but all you could probably do is show off your desktop to your friends.