You might want to use a different gadget.
Go to your livestream embed player page (http://www.livestream.com/CHANNEL_NAME/share), look for the old code, you will find somewhere in that code the url to your specific channel:
Now go to your google website, activate editing and click where you want to add your embedded plyaer. Click on Insert>More gadgets, and search for "Include Gadget (iframe)", select it, and add the url you got earlier on the url field. Size depends on your site, and you can fix it if it doesn't look right.
The above method only has one drawback that I have noticed, it doesn't allow you to use fullscreen.
I'm not a programmer, but I imagine if you have the livestream player API, and know how to make google gadgets, you could create a custom gadget for it, not sure if it would allow fullscreen, but this is as far as my knowledge has been able to take me.
Last edited by advenapa; 1st December 2012 at 22:08.