UFC 127 is not one of the most stellar cards they've ever put together but any card that features B.J. Penn vs Jon Fitch has the potential to be pretty epic. There's also a grudge match between middleweights Michael Bisping and Jorge Rivera, lightweight contender George Sotiropoulos vs Dennis Siver, Chris Lytle -- the man who's won more post-fight bonuses than anyone else in UFC history -- vs veteran Brian Ebersole, and The Ultimate Fighter veterans Kyle Noke vs Chris Camozzi.
All of those fights will be on the main Pay Per View card starting at 10pm ET. I highly recommend ordering the HD version on SBN sponsor Comcast if you're in a Comcast region. The Yahoo PPV stream is an alternative if you don't have a cable provider or are outside the USA. UFC.tv features multiple camera angles, multiple audio feeds, real-time DVR controls and a whole bunch of other stuff I haven't had the chance to try out.
If you like a more social scene, Fightnig.ht has a complete data base of sports bars in the US that will be showing the fights.
In addition three undercard fights Spencer Fisher vs. Ross Pearson, Alexander Gustafsson vs. James Te Huna, and Riki Fukuda vs. Nick Ring will be broadcast on Ion TV for free. To find out if you have Ion TV in your area, wikipedia has a complete list of Ion TV stations. The Ion TV broadcast starts at 9pm ET
As for the two remaining fights on the card: Mark Hunt vs. Chris Tuchscherer and Maciej Jewtuszko vs. Curt Warburton can be seen live in the sold out Acer Arena in Sydney, Australia. There's always a chance that one or both of those cards will be added to the main PPV broadcast. If that doesn't happen they'll be posted on UFC.tv tomorrow.