Updated with 2014 Live Cam.
If you are looking for a way to participate in New Years Eve 2012 at Times Square, look no further and bookmark this site.
An exclusive webcam stream should go up in the early evening of the 31st. Update: HD webcam stream available below.
Meanwhile, Livestream is offering what seems to be a official webcast of the actual broadcast event. Here are some highlights from last year.
If you are curious where the name Times Square originates from, and what the tradition and evolution of the crystal ball is, this video is very interesting.
In addition, EarthCam has a 3D webcam feed