Update April 1, 2013: It seems that Google is still directing people to this page after all this time, despite it being very out-of-date now. Under the current radio rights agreement, Crocmedia’s AFL Live is streamed via afl.com.au and the AFL app. Depending on the day it is either listed as “AFL Live”, “CROC” or “Crocmedia”. On a normal weekend they are calling the Friday night match, the Saturday 1:30pm match, the Saturday 7:30pm match, and the Sunday 3pm match (or on occasion the 1pm match). Additionally they are relaying SEN’s call of the Saturday and Sunday twilight (4:30pm) match, which is interesting as SEN are not taking their first quarter of the Saturday twilight match due to a scheduling conflict, and AFL Live is only taking the 2nd half of the Sunday twilight match due to a scheduling conflict. They also share an AFL post-match show after the Friday and Saturday matches. It’s a surprisingly complicated agreement between AFL Live and SEN, but it is producing fantastic coverage and they should be congratulated.
Long story short. If you’ve landed here looking for the AFL Live webstream, please visit AFL.com.au or open the official AFL app. End Update
I’m hesitant to post this because I’m not convinced that the stations are supposed to be streaming, and I might be shooting myself in the foot by posting this, however…
Both Edge FM and 2AY are streaming Crocmedia’s AFL Live with chief callers Sandy Roberts and Rex Hunt.
Edge FM: http://live.edgefm.com.au:8003/edgefm.ogg 
2AY: http://albury.aceradio.com.au:82/broadwave.asx 
The Edge FM webstream is of a higher quality, but won’t play in Windows Media Player, whereas 2AY’s webstream will. Try both, see which one works for you. Other stations may be streaming this but I haven’t checked others at this time.
I must say that seeing as I was assured a while back that 2CA would be taking the AFL coverage and I was then corrected by Capital Radio, I am pleased to be able to find this AFL coverage online. If anybody knows of any other stations which are streaming “AFL Live” online, please let me know and I’ll add them to the list.