I'm happy that it worked

I had to dig quite a bit into various software and settings and experiment a lot. So far I came up with the following recording setting:
Hardware:
1.Mac Book pro (Mac Os X 10.6.8 Snow Leopard) The fan makes a bit of noise when it's hot, but I think that can't be noticed on the recording.
2. iMic device, : this is very important because the built in Microphone input on MacBooks doesn't anymore support external microphones with a separate battery, like mine

I always wondered why the sound was so soft, almost unhearable, when I tried to record something with this microphone on the computer!!

(But the iMic isn't very expensive)
3. Sony stereo microphone ECM-MS907 @ iMic (A microphone I've anyway used for years together with my minidisc recorder)
4. Canon DV Camcorder MV790 @ Firewire (I anyway had this camcorder in use for years as well) I recorded also on DV tape, first of all to have a backup, and secondly to prevent the Camcorder from turning automatically off after a while.
Software:
1. Flash Media Live Encoder (free software). Settings:
Format: H.264 level 3.0
Frame rate: 25.00 fps
Input and output size 640X480 (according to the camcorder)
Sound: Mp3, Stereo, 44100 Hz, 128 kbps
2. Just today I downloaded Cam Twist, a free software that Justin.tv recommends for adding titles and effects to the live stream. You have to set it as primary device in the Flash Media Live Encoder, and then you can control everything from the Cam Twist Studio Window.
First I struggled a bit with all these new things but after a bit of experimenting it worked, and it's very exciting and a lot of fun!!

And after all, I know what I need to practice for Saturday!