Only be sure not to eat the blood, for the blood is the life, and you shall not eat the life with the flesh." (Deuteronomy 12:23)
The literal commandment is that we should not eat life (i.e. blood) with the flesh.
Messiah implicitly affirmed this commandment when He spoke about the Law:
"Do not think that I came to abolish the Law or the Prophets; I did not come to abolish but to fulfill. For truly I say to you, until heaven and earth pass away, not the smallest letter or stroke shall pass from the Law until all is accomplished. Whoever then annuls one of the least of these commandments, and teaches others to do the same, shall be called least in the kingdom of heaven; but whoever keeps and teaches them, he shall be called great in the kingdom of heaven. (Matthew 5:17-19)
The blood of Levitical animal sacrifices was to be poured out (Leviticus 4:34) and the flesh burnt as a fragrant, soothing aroma (Leviticus 4:31). The blood of Messiah was poured out for us... His life for ours. Messiah loved us and gave Himself up for us, an offering and a sacrifice to G-d as a fragrant aroma (Ephesians 5:2).
We are forbidden from sustaining our physical lives with the flesh of an animal until it has died because we are unable to receive spiritual sustenance from Messiah until He died... and rose again.
We know that Messiah did not sin (Hebrews 4:15) and so we know Messiah fulfilled this commandment by not eating meat torn off a living creature.
Traditional observance of this commandment is found in its literal sense: not eating meat torn off a living creature. The animal must first be properly and humanely slaughtered.
We are able to fulfill this commandment today and should not eat meat torn off a living creature.