1) My favourite show will aired on tv every Friday
This should be "will be aired", since "aired" is past tense and you're referring to something that will happen in the future, so the future tense would be "will be aired".
2) My favourite show will live on tv every Friday
This would also be "will be aired". Now, if you're saying it's going to be "live" (meaning that it will be on TV as it's happening in real life), you would say it "will be aired live".
3) The game will live on tv every Friday
This would be "will be aired" as well. Live means either: to have a life, or simultaneous broadcasting (like in the answer for #2). However, if you mean the simultaneous broadcasting, it just works as a description of how it will be aired (or broadcast).
For example, if you said:
"The music will play loudly on the radio every Friday."
The word loudly just describes how the music will be played. Just like how "live" is just describing how the show or game will be broadcast.