You mean make a button next to a game in progress that makes you spectate the game. I have an idea, only spectate games with one or more player(s) quitted, so that after you spectate, you join the lobby. If theres already too many spectators, then you cant spectate. Ahhh spectate that word was used like 5 times lol.
You can spectate what your friends are playing.. I know, because @Mr Bach stalked me in a game once. =]
I know a few people broadcast their ssl steam games occasionally. You're basically spectating on their game! But I often find myself the only one watching lol. It'd be cool to click a game and watch their game though.