Some questions are very interesting to answer. I just received following question in Email.
What is Live Lock?
A Live lock is one, where a request for exclusive lock is denied continuously because a series of overlapping shared locks keeps on interfering each other and to adapt from each other they keep on changing the status which further prevents them to complete the task. In SQL Server Live Lock occurs when read transactions are applied on table which prevents write transaction to wait indefinitely. This is different then deadlock as in deadlock both the processes wait on each other.
A human example of live lock would be two people who meet face-to-face in a corridor and each moves aside to let the other pass, but they end up moving from side to side without making any progress because they always move the same way at the same time and never cross each other. This is good example of live lock.
Reference : Pinal Dave (http://blog.SQLAuthority.com)