In our past how to watch manny pacquiao fights article, we tackled how to download and use sopcast to watch foreign channels over streaming live via internet.  You can download the free softwares here: Sopcast and TVU.  Some channels are of semi-permanent to fly by night once-event channels, so the hardest part is finding channel that has a decent bandwidth to spare.  

After downloading sopcast, install the software and open sopcast on pc and log in as anonymous and open channel : sop://broker1.sopcast.com:3912/15102

 Other methods of watching may come from

http://olympic.chinaassistor.com
http://www.nbcolympics.com
http://uusee.com
http://watch-olympics.livesportsnet.net
http://www.freakncool.com
http://www.tv-on-net.net
http://tvchannels2pc.com
http://www.nbcolympics.com
http://cctv.com

I'll be damned if these sites don't bog down from bandwidth overload.

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