You can watch the World Cup live (or should I say 'en vivo') at Univision here: http://deportesenvivo.univision.com/. Of course, the play by play is in Spanish. If you want to English play by play, a Bloomberg article has a work around.
I just listen to the Spanish announcers -- if you know a bit of Spanish you can generally get the idea of what they are saying. And anyway, they are much more fun to listen to when a goal is scored.