The word live has several meanings:

1. To be alive, to exist as a living thing. Plants, animals, and people all live. A tree can live for hundreds of years. When we talk about where someone lives, we mean their home: “I live in Seattle” or “My grandmother lives on a farm.” The word can also mean to experience life in a particular way: someone might live happily, live dangerously, or live simply.
2. Happening right now, in real time. A live broadcast of a soccer game shows you the action as it actually happens, not a recording from yesterday. A live performance means the musicians are playing in front of you at that moment. When a website goes live, it becomes active and available for people to visit right then.
3. Still active or capable of causing harm. A live electrical wire carries current and can shock you. A live grenade hasn't exploded yet. A live microphone is turned on and working.

The pronunciation changes with meaning: when talking about being alive or residing somewhere, it rhymes with “give.” When describing something happening now or something active, it rhymes with “five.”