Couple of suggestions.
1.) Drink. Your confidence will go through the roof, and you won't give a f*ck about the audience, except for the ones with boobs. On the downside, your ability to execute dakes a dive too.
[/tongue in cheek mode]
2.) grab a pair of dark shades, a la Satch. Not only does this cut the glare of stagelights, it reduces the audience to a dark blur. And as terrifying as a big black blob can be, you don't REALLY think a big black blob is listening to your guitar playing, right? And remember, the faster you play, the harder it will be for the big black blob to catch you.
3.) whoever suggested the "repetition perfectly" thing is right on- it's easy to just not think about this while practicing, but the point of practicing isn't to expand the field within which you can usually play soemthing, but to expand the field of licks and ideas you KNOW you can nail cold at the drop of a hat.
4.) go out and do it. Every time you jam with a band and every time you get in front of an audience, it's that much easier.
Ironically enough, i do better in front of large crownds than a few friends- wen it's just like 5 people, you know everyone's listening, and there's a very "personal" relationship between you and them. With a big crowd, it's just a faceless mass. there's a ton of them, but there's no direct interaction between you, so you can sort of pretend that no one's really playing together.
5.) get some good backing tracks, or (preferrably) record your own. Jam over them. It'll help your phrasing tremendously.