I have attached both the Local Time schedule .pdf from Phillip Island's website and a conversion to Eastern Standard Time here in the states. I'm pretty sure that my conversion is correct, but don't yell at me if I'm wrong.
You should be able to watch all of the Saturday and Sunday events (Friday and Saturday evenings here) live on WorldSBK.com
. I do not believe they broadcast the practice and qualifying sessions from Friday but I will be checking the website Thursday evening just in case. The Friday stuff is usually in the middle of the night before the Friday work day so I never even bother trying to check or else I wouldn't make it into work. This weekend being in Australia the time difference is big enough to make it all easily viewable without even messing with sleep times.
A little while before each event the large picture in the center of the website's homepage will change to read "Watch _______ Live Now" or something to that effect. You will then click on that image and the website will launch another window that will contain a little streaming Windows Media Player viewer.
It's small but you can right click on the video and there should be a zoom - full screen option there. The video quality isn't the best, but it's free, live and there are no commercials! The audio is quite good when I output from my laptop to my stereo (it's a little quiet and rough out of the laptop's speakers). Those with external speakers connected should be all set.
If you miss the races live, you will have to wait for SPEED to broadcast them. I looked at my guide for Sunday and they are only showing the 1st Superbike race at like 5pm EST if I remember correctly. I'm guessing you'll have to wait until Tuesday for race 2 and the Supersport race though I don't feel like looking that up since I'll be watching it live and ignoring SPEED channel altogether. I believe after SPEED has shown the races (or perhaps just a couple days later) you can then access the races on demand on the WorldSBK website.
Note: These instructions are based on the way things were last year! I presume that since the website hasn't had any major changes everything will be just the same. I apologize if it isn't.