UFC.com sells live stream access to the main Pay Per View (PPV) events for $45. Unfortunately, the price stays the same even after the live event, so no bargain there. They do sell older individual fights for $1.99 though, so there is a lot of classic action available. UFC.com also has information on the many other ways to order the Pay Per View.
Unfortunately, the best way to watch UFC without paying for the Pay Per View is to head out to a local bar and nurse a couple light beers while you watch. Maybe some day the sport will get big enough to have enough sponsors to air free, but not right now.
You can attempt to watch on streaming sites like Justin.tv but the UFC does a great job of shutting down all copyright violators there. You might catch the intro and a minute of Mike Goldberg and Joe Rogan, but that's it.
After the event, the usual sports sites carry news about the fights, but there isn't an easy way to catch any video. Of course the fight videos get posted on torrent sites and other places but you'll have to figure that out on your own.
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