I just got this up and running a few minutes ago myself and had to share it. If you haven't been swept up in the pandemonium of the WorldCup then this may be of no interest to you. On the other hand being able to watch 'any' live event from your phone is pretty cool.  I'll keep this short and get you to the action.

Ok here's how this works. You're going to need to Download Skyfire 2.0 if you haven't already.
And then load this link. Watch WorldCup Live!  It's that simple. If you're unfamiliar with Skyfire just wait for the video window to come up and then click it. You'll be watching live 'football' in a few seconds.

This should work on any android phone that can run skyfire. Not sure for those running flash or flash lite in the stock browser. (let us know)  When the feed finally loads you may notice a few things. Mostly that the broadcast is in Spanish but who cares!  I've noticed a lag of about a minute on my 3G. And if you don't hear any sound then touch the screen and raise the volume bar, mine was muted by default for some reason.

[source MWD.com]