When I perform live it is largely improvised, but that doesn't mean I don't prepare or practice. I decide on a vibe and an outline that fits the crowd I'll be playing for. It's also good to make sure the gear is playing well together in a live setup before you're on stage. I usually record these practice sessions, so I can play it back in the studio and make sure I'm getting the results I want. After that, the files usually sit on my hard drive.
Now, I'm releasing some of the best of these recordings. These tracks are recorded live in my studio on one channel. That means they're mixed live and can not be edited later. Basic mastering and effects are applied, including reverb, EQ, and compression.