Your 2012 Masters tournament online streaming schedule needs to be guided by something, so why not pairings and tee times? Vijay Singh and Phil Mickelson are going at 12:45 PM CDT, if you need some sturdy, recognizable names; Rory McIlroy goes at 1:25, surprise Good Friday leader Fred Couples is off at 1:45, and some guy with a goofy name, Tiger Woods, is on at 9:45. On TV, CBS will have coverage from 2:30 PM to 6:00. Live online streaming with Masters.com... deserves its own paragraph.
Between 10:45 and 5:00 they'll be covering the Amen Corner holes live; from 11:30-6:00 they'll be streaming featured pairings, as well as live coverage of holes 15 and 16, and some live cut-away highlights. You might need multiple computers to watch all of this at once. Which—I'm not saying you shouldn't do it, to be honest.
For even more guidance, keep another computer—perhaps a tablet—tuned to the live Masters leaderboard, and another another computer chatting with the bloggers at Waggle Room. That should cover it, for now.