The newest Android Wear update has started rolling out to the Samsung Gear Live after hitting G Watch and Moto 360 devices in the last few days. The update comes with version number 4.4W.2 and makes a handful of tweaks to the OS, not the least of which is the option to hide notification cards on the watch face.
This update should arrive on your watch at some point in the next few days. After installing you'll have the ability to play music locally from the watch by pairing Bluetooth headphones. The Gear Live doesn't have GPS, so that aspect of the new Wear update isn't included here. It does finally bring the option to swipe down to hide the top "peek" card on the watch face.
The update can't be forced from the watch side—there are a lot of black magic techniques that are supposed to magically conjure up the OTA, but I've never seen them work. You can download the OTA package from XDA and flash manually, though.