Twitter co-founder – and former CEO – Jack Dorsey is stepping in as an advisor to Ustream.tv, the popular live video community site. By now, you will / should have read about how Twitter came to be and how vital the role of Dorsey was to the whole story, essentially laying the groundworks for the real-time updating service we’ve all come to love (or not understand).

This history prompts Ustream.tv’s co-founder and CEO John Ham to state that “Jack has changed the internet forever”, which is a little over the top but no doubt his experience with real-time culture and the pains of scaling rapidly growing internet services will be a big help to the Mountain View, CA-based startup.

Dorsey is the third outsider to join Ustream’s Advisory Board, after General Wesley Clark and Former Head of Monetization at YouTube Shashi Seth. The company has raised over $13 million to date but faces stiff competition from similar services like Stickam, Kyte, Justin.TV and Mogulus (to name but a few), so it can use all the advice it gets.

Update: Twitter needs some advice too. The service is currently down for the count as from around 11:19 AM CET (aaah, memories).