Like it's your last...

Ever heard the phrase - "Live every day like it's your last."

What exactly does that mean?  Take advantage of every moment?  Do something extreme?  Appreciate the small things?  A coworker and I were having this discussion.  I guess you can live every day like it's your last, but under the assumption that you ARE going to live until the next day.  Right?  I thought it was interesting to see different perspectives on this phrase.  If you really sit back and think about the small things, it helps you to appreciate life in its entirety.  We get so caught up in our day-to-day operations that a quick look up at a clear blue sky, or listening to the crashing of waves on the ocean, we are calmed.  So I guess, I would live everyday like a gift, because that's exactly what it is.