From NBColympics.com:
"With a cable, satellite or telco TV subscription that includes MSNBC and CNBC, you can access live streams of EVERY Olympic event."
So, NBC will only allow you watch their olympic webstreams if you're bending over for cable.
I use an over-the-air antenna(OTA)for the networks and I watch netflix and huluplus after I ditched directv.
I already use a British proxy to watch BBC shows, but if that doesn't work for the games, I'll get a Canadian proxy and watch CBC if I have to.
Don't bend over for cable!