Here's how I did it - you can see it live at http://labs.dinahmoe.com/dynamicmusicengine/ Just connect liveSource to this JavaScriptNode (there is also context.createScriptProcessor(4096, 1, 1) which is the new syntax, though both will be supported according to http://www.w3.org/2011/audio/wiki/F2F_Mar_2013)
var levelChecker = context.createJavaScriptNode(4096, 1 ,1);
liveSource.connect(levelChecker);
levelChecker.connect(context.destination);
levelChecker.onaudioprocess = function(e) {
var buffer = e.inputBuffer.getChannelData(0);
// Iterate through buffer to check if any of the values exceeds 1.
for (var i = 0; i < buffer.length; i++) {
if (1 =< buffer[i]) {
console.log("Oh noes! We got a peak.", buffer[i]);
}
}