In your criteria for displaying a record in the 'public' area, you want to add the column to your filter critera in the recordset.
SELECT * FROM tableproducts (or wherever) where ProductLive = 1
this will then only show the rows you want to display
in the 'admin' section, you want to show all rows, to enable you to see which rows are live and which ones are not.
in the edit record page, you would have a checkbox linked to the recordset to show checked when value is '1' and unchecked when value is '0'
updating the record should set the row value depending on the state of the checkbox