Aha I had the same problem. You need to create an event set it to the time you want to livestream from, then open up your procaster (or whatever program you downloaded from livestream) and when the clock reaches the time you put on your event you press 'GO LIVE' or some button like that and it should turn up on your livestream event page.
Same. The way you manage the chat would be to go to the event's page whilst you livestream. I don't usually do that because my laptop freezes up >.< I'm still trying to figure out that one. However, if it says that, the livestream is working.