I used to watch some races on http://www.justin.tv/
channels. It's awebsite where users strream their own content, so some people stream the races. However, it's unreliable, because FIA sweeps the channels from time to time and ask the webmaster to close the channels broadcasting F1 due to copyright infringement. So you might watch qualifying in portuguese, a race in chinese, and some races might not be broadcasted at all.
... However, i said to myself it's better than nothing