I know that live has several meanings, and two different pronunciations (/lɪv/ and /laɪv/), but I don't know which pronunciation I should use in each case.
Can anybody clarify this?
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If live is a verb (Live long and prosper, or I live in New York City), the i is pronounced the same as the i in "sit": /ɪ/. This pronunciation is used for all tenses of the verb, and also for the participles lived and living.
If live is an adjective (The band played for a live audience, or Live from New York City), the i is pronounced the same as the i in five: /aɪ/. Alive also has this pronunciation.