You can put that extra information in another field and track it that way. I use a custom field called "Album Info" to hold that kind of thing.
It all depends on how you are going to use it. If you want to be able to sort on this information, you might want to make it a List type field and then use regular values, so that every live album has a value of "Live" or "(Live)". The key point is to make them the same so that they search and sort properly.
If you think you might have albums that have *identical* names, but a different note of live or EP or something else, you need to consider this. It's going to get messy if you have duplicate album names for different versions of the same album. If all of your album names are unique, then you can ignore this part.
The real question is, how do you want to use this information? Just displayed next to the album name (or under it)? Search on it? Sort on it? Something else?
My gut feeling is that a custom list type field would be great for your use, but I'm not sure.
Brian.