How to watch live youtube stream using vlc?

Is it possible for now to watch live youtube video streams using vlc? I just don't want to use flash player. I know that vlc can play youtube videos using link for the page where that video is located, but how about live youtube videos?

Yes, it works the exact same way as non-live streams. Just Ctrl+N (or Media > Open Network Stream) and enter the youtube URL through the first parameter.

An example of the first thing I saw on youtube live (pretty darn terribad):

Alternative

If you are just looking to avoid using flashplayer, you could opt into YouTube's HTML5 Player.

There is one more solution and that is to use streamlink together with VLC: https://github.com/streamlink/streamlink

This also allows you to select the streaming quality, which is not possible if you paste the link directly into VLC.

Example command for 720p quality:

streamlink https://www.youtube.com/watch?v=xxx 720p