http://blog.wired.com/music/2008/03/watch-the-sxsw.html

For those of us who aren't going to SXSW yet still feel the need to torture ourselves with live footage from the interactive, film, and music festival, the live video streaming site Stickam will webcast from the Austin Convention Center and the overrun streets of the city for a good chunk of the event, including a couple of hosted recap shows.

Stickam can't get you into the hottest concerts, but there is a live music aspect: performances by Afrobots, Aaron Lacrate, Pink Enemy and Lies in Disguise, live from in or around the convention center.