I can play it like this:
C:\MISC\STREAMLINK>streamlink.exe
http://www.ustream.tv/channel/winradio-manila best
[cli][info] Found matching plugin ustreamtv for URL
http://www.ustream.tv/channel/winradio-manila
[cli][info] Available streams: 0p (best, worst)
[cli][info] Opening stream: 0p (hls)
[cli][info] Starting player: C:\P\VLC\vlc.exe --file-caching=5000
[cli][info] Player closed
[cli][info] Stream ended
[cli][info] Closing currently open stream...