What the final product looks like: Photo 1 version
Photo 2 version
The actual live images themselves: Photo 1
Some instructions from U / UCanJustBuyLabCoats who has made and few awesome faces of his own
Some important notes: The Apple Watch only plays about 1.5 seconds of a live video when you raise your wrist so if you'd like to adjust the 1.5 seconds that is shown you'll have to change where The key frame is located. This is easy to do as you just go to your photos on your phone and hit and adjust the white box on the time bar.