Doing something off-the-cuff.
doing it yourself
2. attempting to do something on a whim or ad lib
you wake up in the morning realizing you have a history test that you haven't studied for. looks like we'll do it live
person 1: dude what do you want to do today
person 2: yo I don't know we'll do it live
person 1: thats straight I'm down for anything
Also used in Bill O'reily's rage outburst.
Kevin: fuck it, we'll do it live.