This is the 225th most frequent Serbian word.
живи
"Живи" means "lives" or "is alive" in English.
The word 'живи' is used here as a verb in third person singular, meaning 'lives' in English.
Он живи у Београду.
He lives in Belgrade.
The word 'живе' (a form of 'живи') is used here as an adjective, meaning 'vivid' or 'bright' in English.
Њене боје су тако живе и светле.
Her colors are so vivid and bright.
The word 'живи' is used here in the sense of an imperative form or subjunctive mood, expressing the idea of living.