I don't think LiveUpdateSvc is a Symantec process. It was quaratined because it has a bad reputation. I would not recreate it.
WS.Reputation.1 is a generic signature for files that were checked against Symantec's reputation database (Insight) and got a bad reputation. That does not necessarily mean that the file is malware.
You don't need to take any action, but as Brian says you can send it to Symantec for investigation.
You can upload the file to virustotal.com (a Google company) to see if other AV products flag it as malicious as well.