And hopefully for all of you as well. Since all Livestream tech support did was have me send them my specs and then stop contacting me, I took it upon myself to try and fix this issue, having a fair deal of experience in the tech field.
Does anyone else having this issue use the AC'97 audio drivers? That is where the source of this issue was for me. However, I don't have room in my PC case for a sound card, so I had to find an alternate solution. I had heard some people mention that the use of Virtual audio cables was a workaround, and it may work, but a software solution puts more strain on the processor and thus, more lag or an unstable stream for some.
A friend reminded me of a similar issue my friends and I faced about 4 years ago. Ventrilo(a VoIP program) would work fine until we started a game, then the sound would glitch or stop working entirely. We found out the problem was our AC'97 drivers, and so we went searching for a fix, and we found out about a company called C-Media that makes a USB sound card. It's a hardware device that plugs into any USB port and is a fully functional sound card, complete with drivers. So I went into my old parts box and dug it out tonight, and tried it out. I just finished a 1 hour stream flawlessly on HD quality with no errors, which for me is a huge difference from yesterday when the stream would stop and give me that annoying "You seem to have some audio problem" message.
Anyway, I hope this helps someone, and sorry for the long post, I'm just still excited that it worked.