Is there any feasible way to work with live electrical wiring?
Professional electricians work on live circuits all the time. They don't shut down the powergrid when they have to climb a telephone pole. ;)

The key with working with ANY electricity is to make sure you aren't grounded and providing a path for the current. This typically involves using all sorts of various insulators...rubber gloves...rubber shoes...not using metal tools, not being on a metal ladder, etc, etc.

But yea, whenever possible, kill the power first.