I was listening over the complete soundtrack from Silent Hill, and the song I would love to hear performed live is the music from the sewer that connects the Resort Area to the Amusement Park (Listed as "Sinking Horses" on Dustfungus' Complete Soundtrack, "Flesh and Blood" on Koebi's Complete Soundtrack and "Permeable" on yours.) That song plays increasingly scarier and scarier as you listen to it. And, I think that a live performance would simply act to increase the tension and anxiety, especially if they added the sound effects of Clawfingers bursting through the metal grating in a 3-D sound system (or ideally, with live performers that would enter the hall during the performance to scare the audience). Fun times.
EDIT:
Silent Hill Film Update:
Bloody-Disgusting.com has just posted some new production stills from the upcoming film and announced that the official film website www.welcometosilenthill.com will open on Monday, December 5, 2005. A contest is scheduled to be underway on Opening Day for the best poster to promote the Silent Hill film. So, get your photoshops ready and start making some posters.
Bloody-Disgusting Article - Exclusive Pics from 'Silent Hill' + Make Your Own Poster
Silent Hill Production Stills #3 - Livejournal Mirror (nekokikichan from the Silent Hill Forum has graciously provided a mirror for the new set of images from the upcoming film. Thank you.)
I don't want to get your hopes up, but it's possible that a trailer (or teaser trailer) might be available for viewing once the site opens.
tl:dr