Final update on this post (11:30 MT): Elon Musk has a statement on the Space X updates page confirming the loss of the rocket due to a staging malfunction. Bummer. He goes on to say that they will investigate and continue on with the next scheduled flight.
UPDATE 2 (11:16 MT): Reliable word has it that the stages failed to separate, resulting in a loss of the vehicle.
UPDATE (9:43 Mountain time): The launch went off, but a little over a minute in there was a "vehicle anomaly", and the webcam feed cut out. I have no idea if they lost the vehicle or not. Even the Space X website isn't loading (probably too much traffic). I'll post more when I find out.
Space X has announced that they will attempt to launch a Falcon 1 rocket into orbit today. The launch window starts at 4:00 Pacific time (23:00 UT). Read more about it at their site, and they also have a live streaming web cam as well! I suggest tuning in about a half hour early (3:30 Pacific) so that you don't miss anything.
Just in case, I've embedded the player below as well. Enjoy the launch!