Pretty much with live rock, as soon as it's removed from the water it can start to die but different things die at different time lengths. LR is alright out of water for about an hour then the bacteria and other things will start to die off, especially on the surface of the rock, the bacteria living in anaerobic areas will be okay as that usually takes quite a while to dry out as it is in the holes and crevices of the rock
Sponges for instance die as soon as air hits them which means that as soon as you take your rock out any sponges that hit the air will die, they may survive if underneath or stay completely wet but I would be counting on it. Small critters and hitchhikers will survive a little while out of the water, like crabs, shrimps and mantis
Copepods and amphipods will survive a little while as the rock usually remains wet or damp and they hide out deeper within it's structure. Fan worms, urchins, slugs and HH's of that nature will be alright for a while as well
If you're wanting to do your scape with live rock and you haven't cycled your tank or anything like that I would highly, very highly, recommend you do all of your scaping and piecing together inside the tank
Not only does it mean your LR stays submerged but it also gives you the best and quickest way to see how it looks inside your tank as it's already there
This can be a bit more painful to do as working inside the tank is a little harder but the end result can be better because of it
If you aren't planning on using epoxies or drilling the rock then it's definitely the way to be doing it! However if you are I would go the route that Glenn has suggested to you, to try and keep the rock submerged as much as possible.
My advice to you is, as Glenn said, keep it wet and submerged for as long as possible and remove it for the shortest time possible and only when necessary. The less time it's in the air the better
If you can try to keep the water it's in heated and if you have a spare powerhead or pump get some water movement too
Hope this helps answer some of your questions and explains a few things