Niachu said:
How does livestream.com work, anyway? You press the Broadcast Now button and everyone can see what you're doing on your computer?
It's a sort of long process. I'll walk you through it I guess.
First thing I learned, don't go to the new livestream.com. Rather, go
here. Much simpler. Assuming you haven't done so, make an account and a channel as well (pretty sure the channel is made during the account's creation, so no issues there). When you have all that set up, either hit broadcast, I guess, or do what I did and download the procaster. DON'T download the livestream for producers thing. I had mad issues with that. When it's done downloading, start it up and punch in your login info. I haven't used the broadcast button on the site, so I don't know if I can have the chat or settings open. You're going to need those settings open because if your computer is like mine, it'll make an awful screeching sound until you adjust your input volume (or it'll detect your mic and use that, then every little embarrassing word said in your area will be overheard, such as ice cream eating or siblings apparently farting in the next room). Although I'm pretty sure it will automatically play the audio playing on your speakers, so either do commentary or play music. Make sure you don't have anything personal, embarrassing, or loud playing when you do that. I'm sure you can probably do a lot from the site itself, but again, I haven't really used the site much. When you have all this technical crap done with, hit go live and start up SAI, photoshop, MSPaint, or whatever it is you use to make your art. Put chat somewhere you can see it so you can take requests! Or you can stream game footage and link up a webcam so you can, for whatever possible reason you have, show your friends how you reacted when u play hte video gam (no really, I don't get why people do it). Or, you can use it for its intended purpose by hooking up a webcam and eating A WHOLE BLOCKA CHEESE.

The possibilities are endless, really.
So, in short, no, you don't hit the button. You sign up and download a thing, then you hit the button. By the way, be sure to not have your channel open when you record unless you want to ear rape your viewers.