I always thought it was a reference to a live album (by Ronnie James Dio, I think), by that same name. Therefore it was always "Live" as in "Alive" for me.
Then one day I went looking in the forums and found out that it was named after an album by Miles Davies, by the same name. It's a good name!!
So there, to me it's just Live as in Alive, and I think this is very important!! :I
It's a funny thing, especially in a conversation, when 2 ppl have different ways of pronouncing the same thing. for example "Phrygian", the 5th mode of the major scale. I have friends who say phry-geeean, and others (like me), who say it like... frigi-an. ....oh well, enough of that!