A Tutorial is available to get you started:

Let's look at what Live Content Tags Cloud Module generates:

Let's see how easy it is to setup and customize:

Simply add an instance of Live Content Cloud to the page, and then select Configure from action menu

Select an Live Content Module

Simply select a Live Content module for which you would like to generate the tags.

Weight Percentages

You can leave these values to default or customize them to your preference.

Starting from left to right, we have Weight1, Weight2, Weight3, Weight4, and Weight5

Basically, the above screenshot says that tags with 80%  and above density should be weighted as #1
60% and above density as #2
40 and above density as #3 and so on...

Note that we're excluding all tags that are below 5% density

CSS Class

Specify the CSS Class for Live Content Cloud. See Customization for details...