The video was directed by the members of Mötley Crüe. It showcases the band's stage theatrics, such as Nikki Sixx setting himself on fire (due to lack of money to perform on stage pyrotechnics) and Mick Mars drooling blood. The single was released on August 16, 1982. In May 2006, it was ranked #17 on VH1's list of the 40 greatest metal songs of all time.

The song was remixed in 1991 alongside "Piece of Your Action" for the compilation album Decade of Decadence.

In 2000, fellow heavy metal band, Fozzy, covered this song for their debut self-titled album. Swedish hardcore punk band Refused included a cover in their The Demo Compilation. In 2010, Japanese rock band Vamps covered it as the B-side to their single "Devil Side". Country rock band Cadillac Three also do a cover version.

"Live Wire" appears in the soundtracks to the video games Brütal Legend, Tony Hawk's American Wasteland and Saints Row: The Third. The song also appears on the soundtrack to Charlie's Angels.

Notable covers include those by Fozzy, Vamps, Boysetsfire, Bugdust, Impious, and Shadows Fall.

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