Living God, living Word of God.
This is pious sloganeering that would be meaningless, were it not designed to justify the wild speculation about the scripture that marks Protestantism.
The Word is Jesus Himself (John 1, verse 14 in particular). It is not the Word of God as it is simply God.
The Word, however, spoke through the Prophets and Evangelists who are historical men and wrote the scripture rooted in particular cultural and linguistical reality. To think that a 20 century middle class American can read and comprehend scripture with any precision without reference to the two thousand year old realities is a dangerous superstition, of which myths like Da Vinci code are made.