No, Creative Live! Central is a webcam capture utility, developed by Creative Technology. It helps you to record videos and take pictures with your webcam device. If you don't need it, you can safely remove it using its uninstaller or Add or Remove Programs feature (Control Panel > Uninstall a program). If it doesn't work, you can use Revo Uninstaller. Even if it can't uninstall the application normally, it will force it to uninstall by wiping out all traces of its presence from the system.