I wanted to create this topic as a resource for players to help them live stream not just LOL buy anything they wanted to show on the web live. Some of the myths are that you have to have amazing CPU/GPU/Internet. While all these things do help it is not entirely true. I will be trying to throw as many different ways of achieving this into this topic as I can and If anyone has a way they do it that works well for them please feel free to list it.
I was going to list the entire process I discovered and then I was doing more research and I found this video that explains everything.
https://www.youtube.com/watch?v=nZcpEPBrVQE
Subject: Live Streaming 
Wed Oct 13, 2010 2:58 pm