Live party is nearby (6)
I believe the answer is:
beside
'nearby' is the definition.
(thesaurus)
'live party' is the wordplay.
'live' becomes 'be' ('be' can be a synonym of 'live').
'party' becomes 'side' (I've seen this before).
'be'+'side'='BESIDE'
'is' is the link.
(Other definitions for beside that I've seen before include "Next door to" , "Neighbours" , "- - the point" , "Adjacent to" , "Very near to" .)