No, it is a timed auction and a bid can be put in at any time you want. Just bid the most you are willing to pay. If it goes higher, well, no big deal. If it doesn't you win.

I assume you mean that when you say "live auction" you mean that it is an English auction. It is not. There are many different types of auctions. Not just the "Going once, going twice, gone!" type of auction.

You haven't mentioned how you would like to change the way bidding is done on eBay. How would you propose to change it? Here is a discussion we had about a month ago.
http://www.bikeforums.net/showthread.php?t=387252

Read through that thread.