As of jQuery 1.4.1, the hover event works with live(). It basically just binds to the mouseenter and mouseleave events, which you can do with versions prior to 1.4.1 just as well:
$("table tr")
.mouseenter(function() {
// Hover starts
})
.mouseleave(function() {
// Hover ends
});
This requires two binds but works just as well.