WordPress.org

First of all, you must have Meteor set up and running - http://www.meteorserver.org/. You can use the plugin without Meteor, but it's not as effective as with.

Then simply install your plugin as per usual, and in the new Live Blogging part of the sidebar, go in to Configure Live Blogging and set up your Twitter and Meteor server details. If you don't want to use Twitter or Meteor, leave the fields blank.

Now, create a live blog using the Manage Live Blogs panel and make a note of the ID. Now, create a new post, and enter [liveblog]ID[/liveblog], obviously replacing ID with the ID you just noted. The live blog will appear in that post. Now, simply use the New Entry and Edit Entry screens in the Live Blogging section to micro blog.

Once you've finished blogging that event, go back to Manage Live Blogs to Deactivate that blog - that prevents the JavaScript for Meteor getting inserted unnecessarily.

And that's it.