To install applications like Live wallpapers. which are not accessible though OS, you need to get root access to your device and for a tutorial, click here
Then there are few steps to follow after you gain root access!
Follow the below steps:

Download LiveWallpaperPicker.apk and copy to the tools/ folder under the SDK
Open the command prompt and type :
Code:
 adb install LiveWallpapersPicker.apk
Then in mobile, you will have another option under wallpapers as LiveWallpapers and download different wallpapers from Market and feature your Galaxy like Nexus 1!

LiveWallpaperpicker is not available from android market so you will need to download it from some other host! Download it here!

cheers
faizan