In the past, Telemundo has shown USA events in Spanish. They often show different events than the English channels, too. If you don't have a local affiliate, you will need the 5 LNB set up to see the 119 satellite to get the Telemundo national feeds in glorious SD. That will require the en Español add-on package. I don't believe any other country is shown and if it was it'd be blacked out, one would assume. You might be able to get Telemundo with an antenna if you have a local affiliate not carried on Directv. Where do you live? (County, state is usually sufficient.)
As for time, Rio is in a USA friendly time zone so more live events SHOULD be live.
Only NBC Universal channels will show the events in the USA so a package with a local NBC, NBCSN, USA, MSNBC, etc is all you need. Channels 205 and 600 will show channels with Olympic coverage and on the mosaic, you can watch channels that are not in your package (note: on that mix channel only). There is an actually useful pop-up for more information and schedule on the Olympic channels. That will appear just before it starts. Channel 1205 and Sports Search will probably have a category for Olympic coverage, too.