Can someone tell me if I can play movies on via my WD TV from My Book via USB connection as I do not the live version.
you can here are the steps you need to do:
buy a usb-lan adapter, install a hacked firmware on the wdtv (http://b-rad.cc). once you have done that you can mount the contents of your shared folders on the mybook to your wdtv. it works great. google for more detailed infos on the wdtv firmware and how to install it.
it is really pretty easy and can be done without a lot of linux knowledge. once you have done it you basically have a wdtv live =)
you can also stream your mediafiles from your windows pc or mac…
make sure you buy a good usb-lan adapter though, there are lists of working devices on many wdtv forums