I might have discovered this way too late to allow you to really enjoy the "live" aspect, but the documented videos are still quite impressive and relevant: Reconstitution 2008 [reconstitution2008.com] by sosolimited was a live audiovisual remix of the three 2008 Presidential debates, each coinciding with a live broadcast of the debates. Special software sampled and analyzed the video, audio, and a closed captioned text of the television broadcast. Through a series of visual and sonic transformations the material became reconstituted, revealing linguistic patterns, exposing content and structures, and fundamentally altering the way in one watches the debate.
For instance, for the screenshot above, every time Obama or McCain mentions themselves, the audience, or their opponent, that reference is cataloged and stacked. Each candidate's words are transcribed in real time and sorted into three columns : "You", "Me", and "The Other Guy". It is easy to see that both Obama and McCain talk about themselves much more than each other or the voters.