Here's What You Need to Do to Recover From This Issue
If I were in that situation, I would try a Windows System Restore to restore my system to a time before the updates occurred. See
http://windows.microsoft.com/en-us/windows7/products/features/system-restore to learn how this built-in feature of Windows 7 can help anyone recover from the issue in this thread.
If that failed, I would restore the Windows System Image from the last backup I made prior to the updates. Don't run Scheduled Backups y'say? Well give it some thought. It can save you from having to post your tale of woe in this forum.
If Windows System fails and you don't have a backup, uninstall the video driver from "Control Panel - Uninstall a program", REBOOT, use Driver Sweeper to remove any video driver remnants, then boot into Safe Mode and reinstall a known stable version of the video driver.
This doesn't fix ASUS Live Update, of course. But any utility that reboots your system without warning should be uninstalled. You can take charge of updating your own system.
G74SX-A1 - stock hardware - BIOS 202 - 2nd Monitor VISIO VF551XVT