I just bought GMLive and followed all instructions to set it up for Gamemaker Studio 1. The gmlive-server.exe would not start at first, so I downloaded the patch and unzipped it in the included files folder. That seemed to fix it, however now after I open the game and it runs for about 2 seconds it crashes with the following error message:

___________________________________________
############################################################################################
ERROR in
action number 1
of Async Event: HTTP
for object obj_gmlive:

Outdated GMLive server detected! Please update the included files from the extension.
 at gml_Script_live_async_http_0 (line 7) -        if(l_map[?"version"]==undefined||l_map[?"version"]<105)show_error("Outdated GMLive server detected! Please update the included files from the extension.",false);
############################################################################################
--------------------------------------------------------------------------------------------
stack frame is
gml_Script_live_async_http_0 (line 7)
called from - gml_Script_live_async_http (line 20) -        if(g_live_request_guid==undefined)live_async_http_0(l_map);
called from - gml_Object_obj_gmlive_WebAsyncEvent_1 (line 1) - live_async_http();

To my knowledge I should have all the most recent files, seeing how I just bought it and downloaded everything.

That's weird. If there is no user error, this would suggest that no one tried setting up GMLive on GMS1 since the last update was released (on Jan 28), or at least didn't complain to me.

Try copying gmlive-server.exe from the GMS2 version - the YYMP file is just a renamed ZIP so you can rename and extract it. The server is in datafiles/GMLive.