There are 54 ways to live them! (5)
I believe the answer is:
lives
'there are 54' is the definition.
I can't judge whether this definition defines the answer.
'ways to live them' is the wordplay.
'ways' becomes 'es' (east and south - two directions).
'to' means one lot of letters go next to another (I've seen this in other clues).
'live' becomes 'l' (electrical abbreviation).
'them' becomes 'iv' (I can't justify this - if you can you should give a lot more credence to this answer).
'l'+'iv'='liv'
'es' after 'liv' is 'LIVES'.
Can you help me to learn more?
(Other definitions for lives that I've seen before include "Exists" , "Biographies" , "Elvis (anag) - is not dead" , "Is animate" , "See 5" .)