Update (11/11/09):
If anyone is still interested in this post I thought I would update you all and let you know that if you've gone over your download limit with Hotspot Shield you can purchase a VPN from Witopia.net that works better (Faster) and has no download limit. It's what I use now and have been very happy with it. Allowes me to acces any US only site such as Hulu, Fox, NBC and has also recently added U.K. servers as well to access U.K. only content such as BBC's iView.
After much searching and many failed attempts I have finally found a way to watch Hulu and all the U.S. Joost content from outside the U.S. It didn't slow down my internet connection so everything still plays really well. Hulu had a few problems keeping up but Joost worked just great!!!
Here's what you'll need to do:
1. Download and install Hotspot Shield.
2. Once installed a Small shield icon will be displayed in your menu bar. Click on it and select connect.
3. Your web browser will open and show you the status of your connection. Once connected you can go to Hulu.com or quit your web browser to free up bandwidth and open Joost.
4. You should now have access to Hulu and all the U.S. Joost channels. To view Joost channels available in your country but not the U.S. you will need to disconnect from Hotspot Shield.
Hope this was helpful and if you have any questions just leave me a comment.