Now, however, I can't even watch a single stream at any resolution without getting video freezing, or both audio and video freezing/glitching. Sometimes the video will freeze for up to 10 seconds while audio runs fine in the background. I've tried Firefox and Chrome. All my browsers and plugins are kept rigorously up to date. HDD defragmented with 50% free space. Flushed DNS. Cleared cookies and browsing history on both browsers multiple times. Rebooted router many times. Power cycled router many times. Even reset router to factory settings once.
I live directly across the street from my telephone exchange and until now, have never had a problem with download speeds or latency. Every SpeedTest result I have ever done has not deviated much at all from the most recent result, posted below, apart from the fact my ping varying slightly between different test servers 35-50ms down to 15ms. My SpeedTest.net results to servers within Australia are extremely consistent.

Traceroute to http://www.twitch.tv surprised me somewhat, ending at the local akamai cdn at 4 hops. I was expecting it to go to the twitch servers in the USA.
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Microsoft Windows [Version 6.1.7601]
Copyright (c) 2009 Microsoft Corporation. All rights reserved.
C:\Windows\system32>tracert www.twitch.tv
Tracing route to a1694.w7.akamai.net [220.233.2.202]
over a maximum of 30 hops:
1 <1 ms <1 ms <1 ms www.routerlogin.com [192.168.0.1]
2 * * * Request timed out.
3 28 ms 29 ms 29 ms 18.3.96.58.static.exetel.com.au [58.96.3.18]
4 38 ms 28 ms 29 ms 202.2.233.220.static.exetel.com.au [220.233.2.202]
Trace complete.
C:\Windows\system32>
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Modem
ADSL Firmware Version 7.03.01.66
Modem Status Connected
DownStream Connection Speed 19535 kbps
UpStream Connection Speed 812 kbps
VPI 8
VCI 35
My PC is a Windows 7 Pro 64-bit // Intel Core i7 920 @ 2.67GHz // 6GB DDR3 RAM // 1TB WD Caviar Black HDD // GeForce GTS 240 2GB