Place each of your camcorders on a tripod and install them on two different sides of the subject you are focusing on. Make sure neither camera shows up in the frame of the other camera's lens.
Turn on the cameras and zoom one in for close-ups of your subject. Use the other for full-body shots. For example, if you are shooting an interview, use one camera to provide a close-up on the person being interviewed and the other camera to focus on both the interviewer and interviewee.
Test your video and audio. Make sure your subjects are in focus. Check your audio levels and listen to sound through a pair of headphones.
Connect to the Internet via your computer. Go to a live streaming service such as Ustream.tv, Kyte.tv or any other of your choosing to broadcast your show. Create an account and familiarize yourself with the site.
Connect your cameras to the computer with IEEE 1394 cables. Allow the live streaming site of your choice to connect to your cameras.
Start broadcasting your show when you are ready. If you want to record your program on your cameras, make sure you have a tape or memory card inserted and hit record on your camcorders. Otherwise, the site you use to live stream can usually record your show onto the web to view later.