The word "live" can mean many things. Most commonly in the blogosphere, a post tagged "live" contains live-action content, meaning unedited video or audio coverage of an event. This could be a football game or a musical performance, a TV show or any other event. The important thing is that it's presented to you exactly as it happened. In some cases, live coverage is streamed instantaneously: you can watch (or hear) events happen in real time with no delay.
Entertainment has traditionally been a live format (think of Shakespeare, who didn’t have the option to film his plays). But with the advent of radio, film and television, many performances became scripted events. Live broadcasts were reserved for sporting events, musical performances, and select other programs.
As technology advanced, individuals gained the ability to create their own content. Now, anyone with a camera can film a band’s performance and post it online. Television events that would once have been presented only on TV are becoming available online. Large portions of the 2008 Summer Olympics in Beijing were available to watch as a live stream.
The 2009 inauguration of U.S. President Barack Obama was the largest live Internet event to date, with estimated online viewers in the tens of millions.
There are other definitions of “live”, most having to do with living spaces, housing and family; however, most posts tagged with “live” will contain video or audio content. Expect to find mp3s, streaming audio, and embedded or streaming video, much of which you can’t find anywhere else.