Give a Little Bit

Sometimes you gotta hate English. 

S, who struggles with reading, read the word give today off some junk mail. Expect he read it as if it rhymed with dive. I corrected him and without missing a beat he said, "but what about the silent 'e' ?" 

Yes! Of Course!? What about the silent 'e'? 

Why doesn't give rhyme with dive? 

And what's the deal with live and live?

song: Give a Little Bit • artist: Supertramp