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Doing it Live 

An action that occurs without thoughts of a repercussion. Usually a very ballsy move, with a lot of courage.

Such actions have been performed by the infamous Bill O'Reilly, who "did it live" when his teleprompter broke during a recording.
Doing it Live:

Man 1: "Hey, do you think we should call Chris before showing up to his house?"
Man 2: "No, dude. Let's show up. We're DOING IT LIVE!!"

O'Reilly: "I'LL WRITE IT, AND THEN WE'LL DO IT LIVE! ...WE'RE DOING IT LIVE, FUCK IT!!!!"
Doing it Live by Snorris July 29, 2009

Doing it Live 

Deciding how you're going to get home from the bars at the end of the night, instead of designating a driver or finding a place to crash.
"So I don't remember whose turn it is to drive tonight, I guess we'll just do it live."
"Look, man, we can just-"
"-WE'RE DOING IT LIVE!!"
Doing it Live by Randy Suave October 3, 2008

doing it live 

Getting the party started. Turning it out, getting ill, getting sick, getting stupid doo doo dumb.

Getting the party hyped, getting hyphy.
Dude 1 : Yo homie what's good?

Dude 2 : We doing it live at jus's house yo!
doing it live by Cam'ron-Dee August 20, 2010

doin' it live 

something that's def. goin' down. usually involving the chronic, thizz, drank, etc. baller status.
yeeea yeeea we doin' it live tonight, niggaaaa!!!

shit, mayne! we do it live ERRRY NIGHT!