There's a super-super-GM tournament going on right now in Bilbao... 6 of the top 8 players according to liverating.org are participating, including the World Champion Anand.
Right now Anand, who is also the #1 rated player in the world, is playing Ivanchuk, who is #2 in the world according to liverating. Here's the link for live coverage:
http://www.chessgames.com/perl/chesslive (This link may die after 4 or 5 hours.)
