You can set up a simple live stream in your Media Library using the same Add/Edit Wizard that you use to Add a New Video. When you reach the Manage Content step, select Manually Enter Media in the options drop-down.
Enter the Media Path that is being used for the live stream, and check the Media is a Live Stream check box. Click the +Add button to save your entry. It will be added to the Manual Entries list. If the resolution of the video you’ve manually added is known, return to Audio/Video using the Options drop-down menu and enter the dimensions (Width x Height) for the media you just entered. If the media path is active/live, click the Preview button to ensure the media path is correct before you continue. The live stream you've configured is now available in your Media Library, and can be viewed and published just like an on-demand video.