Live coding is real time programming of a system as the system is running. The technique is of interest in creating computational art, being a means to put human performers into the creative loop.
Logan Koester did some hypothesizing and prototyping of live coding in Python. The technique strikes my fancy as a way for computer science instructors to make classes more performative and, shudder, interactive. Also, I just find this alternate universe of computational art, that I know little about, fascinating. It's fun to discover stuff like ChucK, SuperCollider, and Fluxus.
Kudos to MarsEdits's automatic post saving, which rescued today's efforts from a brief power outage induced death. Time to get a UPS.