When I was in the Florida Keys in August, I 'liberated' about 30lbs of old fossilized coral limestone from the roadside,,, I figured I could use it in my refugiums,, it was highly porous and looked really cool with all the coral skeletons,, and being limestone it would help keep the PH high (it's kinda heavy though).
It was pure white when I first immersed it but after 4 months it's got great coralline growth,,, maybe 25-30% coverage (I keep my calcium @ 440 minimum) and the pods seem to prefer it to the Fiji LR that's in there.
I reckon in another 6 months the coralline will cover the rocks completely and will look like nice live rock. If by 'live' you mean inhabited with denitrifying bacteria,, I think that would happen in a matter of weeks.
Next time I visit the keys I'll be bringing back a sh1tload of the stuff as I'm planning a large FOWLR tank,,,, when I find a suitable house!