Used in the third person, associated with living and being in the now, forgetting the past, disregarding the future, being happy, being content and giving gratitude for everything at this moment.
Keith: "Man, this is living the life... this festival is awesome"
Paul: "Johanna is!"
To be pleased about the current situation; a feeling of great pleasure and contentment with the surroundings and the company you are in.
Drinking a cool beer whilst chilling on the beach in Bali and watching the sun set into the deep ocean, Janelle turns to Richo and says "Mate, this is the life!"