NBC is actually airing live Olympics right now, as the Spain-United States women's water polo match is underway. They may decide to end the practice entirely and go all-tape delay, though, as an underwater shot aired earlier revealed a bit more than they bargained for. Water polo's a rough sport, and this sort of thing is normal (I'm actually surprised we haven't had any televised dong shots during men's matches; I played it a bit in high school and crotch-grabbing is a common way of playing defense). Somebody call the FCC (no, seriously, please don't call the FCC). [NBC]
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h/t to Andy and Kevin