This game is on the Land of Legend catalog from my 1st edition Quest of the Magic Ring game. The catalog states this game gives you rules on playing the game via outdoors in person.

The catalog also states their are two versions.

I have heard a copy of this game was sold at Gencon 2004 for a measley $50.

If anyone has a copy of this game and can scan us a picture, please email me (Mike) or David

Update 11/13/06:  I got an email from Mike in Australia who found a copy of this game.  Here is what I got from him:

It's a pretty small book, only 15 pages. It's different from the Ringbearer in that Ringbearer is a miniatures game, while Live Ring is a role-playing game - teams of players head out into the wilderness and try to emulate roles from the book, ie one team takes on the roles of Gandalf, Frodo etc while the other team is Sauron and his minions. The idea is for the good team to transport a ring physically over a set playing area and deposit into a receptacle. Sauron's guys have to try and track them down, with rules covering capture etc. It would take some doing I think to organise it properly, and you would probably need at least 8 people and a national park area or similar of at least a square mile to make it work.

Sounds like fun!  I'll have to assume that the name was changed from The Living Ring to Live Ring.  As soon as I get some more scans, I'll know more about the book and publisher.  Thanks Mike for the info.  I'll post the pictures I got when I upload them.

Cover of The Live Ring

And the center pages for reference.