Difficulty: Moderately Challenging
Step1
Be sure to "announce" what you will be doing at least a day in advance. Liveblogging is often a giant undertaking and you want people to know what you are doing.
Step2
Understand the difference between an open thread and a liveblog. The former refers to a stagnant post with updates in the comment threads, whereas the latter refers to an always updating post.
Step3
Either work your way into systematic updates, meaning updates at specific times, or let your readers know when the next will come.
Step4
Pace yourself. This should be something that lasts most of the day/night, so do not post 20 updates in two hours. Let your work sink in.
Step5
Take breaks when need be. If you need a 30-minute shower break (or "Family Guy" break) take it! This is for fun--and will only remain fun if you maintain sanity.