I've recently started cord-cutting! I've canceled my cable television subscription and started using online service providers.
Nice.  I have been thinking about doing that but have not taken the step yet.  Is that getting commonplace
It is! It was estimated in 2008 that about 900,000 American households relied entirely on the Internet for tv viewing, I'd imagine that number is much higher today!
I bet.  With the increase in popularity of Netflix and Hulu, there is not much you can't watch online anymore
Yes, and don't forget about Amazon Video, iTunes, Sling TV and YouTube! With all those options, cable tv seems like a giant waste of money!
The only thing I would really miss is watching all of my live sports.  Does anything on the net offer that option?
I think you'd have to purchase a special package, like MLB at Bat or the NFL online package. But with most Internet content being significantly cheaper than cable, you'd probably still save money!
Plus, I do not have to sign a big long term contract!