Hey remember the days when you couldn't watch every Olympic event alive? That was two Olympics ago! I loved that. It'll be different this time around. Well, for the most part.
NBC has dedicated themselves to streaming the entire Olympics online using the world's international feed as the events happen, so for the most part you'll be able to see almost every event live without a hitch. This will be true of every event except the Opening (and probably Closing) ceremonies, where you'll have to wait like every senior citizen who doesn't use the Internet. Ryan Hudson of SB Nation explains the situation.
This gets worse for those who reside on the West Coast, where you will be approximately eight hours behind everyone else. The Olympics will start at 7:30 p.m. PT on the West Coast, but the East Coast will get it at 7:30 their time too, so we'll be three hours even further behind in coverage (Olympics opening ceremony gets going at 9 p.m. London time, so we'll be behind about six and a half hours or so).
It's a tape-delay within a tape-delay! Always wanted one of those.
For more on the 2012 Olympics, make sure to check out SB Nation's dedicated Olympics hub.