First, you need to download the following software:
VLC Player – http://livetv.ru/en/webtvinfo/vlc/
Replay Media Catcher – http://applian.com/download-videos/
Second, you should have 1 to 2 GB of free disk space.
Download and install the software. We recommend you to close all other programs before running the installation.
Open the VLC Player - you will have to use it later. Next, open the Replay Media Catcher and answer the question « Would you like to start recording now? » by choosing « Yes » as shown below (arrow 1). You can also start recording manually with a click on the icon « Start Recording » in the left bottom corner. The green icon should become red.
After this, open your Web Browser and start the justin.tv broadcast that you want to watch. An entry related to the recording should immediately appear in the Replay Media Catcher window (arrow 2).
Now, open the Tools menu and choose «Open Storage Directory» (arrow 3).
Drag and drop the file from the directory into the VLC Player or just open it within the VLC Player.
You are done. The stream should be now visible in the VLC Player. You can always pause or stop it. Just remember that the recording will continue until you push the Stop Recording button in Replay Media Catcher.
Forum Discussion: http://livetv.ru/forum/showthread.php?p=9516
The alternative solution can be found here.