Malice wrote an interesting beginner guide on how to watch quake live demos I wanted to post a useful demo script I am using.
Just put these lines in your quake live config.
set time0 "timescale 0.10;set timeup vstr time1"
set time1 "timescale 0.25;set timedown vstr time0;set timeup vstr time2"
set time2 "timescale 0.50;set timedown vstr time1;set timeup vstr time3"
set time3 "timescale 0.75;set timedown vstr time2;set timeup vstr time4"
set time4 "timescale 1.00;set timedown vstr time3;set timeup vstr time5"
set time5 "timescale 2.00;set timedown vstr time4;set timeup vstr time6"
set time6 "timescale 5.00;set timedown vstr time5;set timeup vstr time7"
set time7 "timescale 10.0;set timedown vstr time6;set timeup vstr time8"
set time8 "timescale 25.0;set timedown vstr time7;set timeup vstr time9"
set time9 "timescale 50.0;set timedown vstr time8;set timeup vstr time10"
set time10 "timescale 100;set timedown vstr time9"
vstr time4
set timedown vstr time3
set timeup vstr time5
bind leftarrow "vstr timedown"
bind rightarrow "vstr timeup"
bind uparrow "+scores"
bind downarrow "timescale 1;set timedown vstr time3;set timeup vstr time5"
bind F11 "toggle cg_thirdPerson"
bind F12 "toggle cg_draw2D"
Right arrow fast forwards through demos (press several times to go through faster)
Left arrow slow down demo playback (press several times to slow down more)
Down arrow returns you to normal playback speed
Up arrow shows you the current scores
F11 toggles between third and first person view
F12 turns the hud on and off
Source: Quake Live forum