$('#button').click(function(){
    var time = new Date().getTime();
    $('#foo').prepend('<li>New item at '+ time + '</li>');
})

jQuery('li').live('click', function(){  
    alert($(this).text());
});

<button id="button">Add an Item</button>
<ul id="foo">
    <li>Beef Jerky</li>
    <li>Smoked Salmon</li>
    <li>Rocky Mountain Oysters</li>
</ul>

jsFiddle