It begins in 3 hours and 10 minutes as of this post. 

Obama's presidency officially begins 30 minutes after that.

Are you watching it?

A dozen german TV stations are taking full coverage of it so you don't have many choices when you are turning on your TV. ;)

Short answer version: Yes.

Is there gonna be a live stream?

EDIT: It appears that the BBC may be doing one.

CNN is doing one here.

As a fun side note...

President Bush's second inauguration cost approximately 42 million dollars whereas Obama's is costing approximately 150 million dollars (45m private donations).  There is a record number of 2 million people expected at Obama's.

Do you reckon it could become number one most viewed program on TV?

Here's a list of some of the top most watched programs in different countries: http://en.wikipedia.org/wiki/List_of_most-watched_television_episodes

An episode of The Ed Sullivan Show holds the record in the US at 60 million... that's quite possible for it to achieve. With other nations watching this could put it at top world-wide

Obama! Obama! Obama!

And stuff

I'll watch assuming I hadn't fallen asleep.

Will there be d/l available?

watching it live now on cnn website!

Ditto.  A lot of the details on past inaugurations are interesting like the numbers above.

The voice of the bloke doing all the announcements seems a little cheesy to me.

Makes me feel like placing a bet on something.