Try this. I've only tested it on a few streams, but seems to work ok.
Code:
Usage: youtubedl L7ird1HeEjw
<deleted. new url below>
Code:
youtubedl L7ird1HeEjw
Downloading webpage. Please wait...
Finished downloading webpage.
Direct live url found.
http://r7---sn-5hn7sner.c.youtube.com/liveplay?itag=34&burst=40&cp=U0hUTlJRTl9HT
ENONF9KS1JHOm1fQ0xQMXI0NEpD&ip=94.214.98.54&newshard=yes&factor=1.25&key=yt1&mv=
m&sparams=algorithm%2Cburst%2Ccp%2Cfactor%2Cid%2Cip%2Cipbits%2Citag%2Cns%2Csourc
e%2Cupn%2Cexpire&source=youtube&upn=dLfnsgUlUvQ&sver=3&id=L7ird1HeEjw&ns=yt-live
&mt=1359237187&ipbits=8&ms=nxu&algorithm=throttle-factor&fexp=923114%2C914085%2C
916625%2C920704%2C912806%2C922403%2C922405%2C929901%2C913605%2C925710%2C929104%2
C906938%2C920201%2C913302%2C919009%2C911116%2C926403%2C910221%2C901451&expire=13
59260622&signature=6B3AFAA89A27F528D1164E4651D0408978DFAFBC.5DB9342DD465438CB8B5
357801AD67F7289C7E16
Saving as: HORIZON ARMENIAN TV LIVE.flv
Downloading Live Stream: 11.278 KB - 00:02:16