Could someone help me understand the grammar involved with the phrase "Es lebe?" I understand the meaning is often translated as "long live." With my modest German skills I recognize "Ich lebe" or "Es lebt" as grammatically correct forms. I've even asked some native speakers and didn't really get an answer I could understand.

This link provides an explanation of the grammar involved:
http://www.dartmouth.edu/~german/Grammatik/Subjunctive/KonjunktivI.html
You will hardly hear Germans using the special subjunctive any more.

Along with the subjunctive, there's also the question of the es, which as I understand it is sort of a placeholder because the verb can't come first, and Der König lebe wouldn't quite mean anything. Maybe in some ways comparable to the "it" in English "it's raining"; not really standing for any noun as pronouns are generally said to do.