Yep! I'm in the middle of re-doing all of my lighting via Live.
All you need is a MIDI-DMX interface. I use this one:
http://www.jpleisure.co.uk/item117.htm.
You can use it in one of two modes, either sending DMX info as velocity, or as CC data. The latter method is better suited to sequencing.
The CC channel you use determines the DMX channel, and the 0-127 CC data is translated to 0-255 DMX data. For example, my scanners have six channels: pan, tilt, color, gobo, gobo rotation, and shutter. Each scanner has 6 CC channels assigned to it to control the six parameters. Live clips make it easy to build a library of drag and drop lighting clips. And the icing on the cake is that your lighting patterns are always beat-matched!
There are a few other tips and tricks. For example, the tilt head on the scanners takes about 250ms to get moving, and the pan head 150ms. By entering negative delays in Live, it's automatically compensated for. The strobes I use have about a 150ms delay from note on to flash, but with a negative delay they strobe right on the beat. Even rapid-fire sixteenth-note triplets at 140bpm are tight.
I also sequence all of my video in Live. Again, Live clips makes it easy to choreograph the audio, lighting, and video.
You don't have to sequence everything, though. You can launch a lighting or video clip just as easily as you can an audio clip with the same quantization, etc.
Hope that helps!