Follow one of the 5.8 setup guides floating around the tutorials section (might have to go back a page).  You can skip the part about installing activeshell perl,Downloading cvs code, downloading zlib, and compiling source code.  Simply download the 5.9 binaries...do a search, someone posted them, and extract to c:\eqemu\  The rest of the guide you should follow.  
In c:\eqemu, make these changes.
db.ini
	Code:
	host=localhost
user=MySQLUsername
password=MySQLPassword
database=eq
 change the mysqlusername / password to the user name and password that you selected when you ran winmysqladmin.exe for the first time.  
Loginserver.ini
	Code:
	worldaddress=External IP Address
 change to
	Code:
	worldaddress=localhost
 Boot5zones.bat
	Code:
	zone start . ExternalIPAddress 7995 InternalIPAddress
zone start . ExternalIPAddress 7996 InternalIPAddress
zone start . ExternalIPAddress 7998 InternalIPAddress
zone start . ExternalIPAddress 7997 InternalIPAddress
zone start . ExternalIPAddress 7999 InternalIPAddress
 change to
	Code:
	zone start . localhost 7995 localhost
zone start . localhost 7996 localhost
zone start . localhost 7997 localhost
zone start . localhost 7998 localhost
zone start . localhost 7999 localhost
 That should do it.
This will cause your server to connect to the loginserver, however since all the ip addresses are localhost, only you, on the computer that is hosting the server, will be able to connect.
As far as making it EXACTLY like eqlive, that is impossible at this time, unless you plan to create all the changes yourself.  The closest to live database as possible  can be downloaded at projecteq.net, they are releasing it expansion by expansion.  Also   you would have to hand write every quest that exists on eq live.  Look in quest section for how to create quests.  With a lot of work, you can make your server very close to eq live, but not exactly.  hope that is of some help.