American Idol’s Simon Fuller has just debuted a new reality series for Internet viewers. If I Can Dream, premiering today on Hulu.com, follows the lives of five would-be celebrities as they attempt to launch their careers in Hollywood.

Three actors, a model and a musician will live in a beautiful Hollywood Hills home as they pursue stardom (hardly the reality many aspiring celebs experience). In-between weekly episodes of the series, viewers can watch the live stream on ificandream.com.

According to press releases, the cameras for this live stream will be on 24/7, Truman Show-style. You can also follow the five wannabes on Twitter, MySpace and Facebook (naturally).