So I'm trying to write a super simple script that will allow a user to throw any link or button with the class .close inside of a div, and when that .close link is clicked, it automatically closes the parent container. 
Here is what I'm currently trying to work with: JSFiddle
The code that I am currently trying to use is:
HTML
<div class="well notice bg-green">
    <button type="button" class="close" data-dismiss="alert" aria-hidden="true">×</button>
    <p>This is a notice that is green.</p>
</div>
CSS
.well {
    background: #f9f9f9;
    border-color: #f1f1f1;
    border-style: solid;
    border-width: 1px;
    padding: 15px 20px;
}
.notice {
    margin: 15px 0;
    padding: 0px 15px;
}
.well.bg-green {
    background: #dff0d8;
    border-color: #d6e9c6;
    color: #468847;
}
.close {
    color: #000;
    filter: alpha(opacity=20);
    float: right;
    font-size: 21px;
    font-weight: bold;
    line-height: 1;
    margin-top: 15px;
    opacity: .2;
    text-shadow: 0 1px 0 #fff;
}
.close:hover, .close:focus {
    color: #000;
    cursor: pointer;
    filter: alpha(opacity=50);
    opacity: .5;
    text-decoration: none;
}
button.close {
    background: transparent;
    border: 0;
    cursor: pointer;
    padding: 0;
    -webkit-appearance: none;
    -moz-appearance: none;
}
JavaScript (jQuery)
$('.close').live("click", function () {
    $(this).parents('div').fadeOut;
});
Let me know if my question doesn't make sense or if any more elaboration is needed. Thank you!
Two problems:
live() doesn't exist in the version of jQuery in your fiddle (deprecated in 1.7, removed in 1.9)fadeOut is a function (you were missing parens to execute it)http://jsfiddle.net/KF7S6/
$('.close').on("click", function () {
    $(this).parents('div').fadeOut();
});
If you want it to work on dynamic elements, use this version:
$(document).on('click', '.close', function () {
    $(this).parents('div').fadeOut();
});
                        http://jsfiddle.net/6Xyn4/4/
$('.close').click(function () {
    $(this).parent().fadeOut();
});
Recommended to use .click() now in place of deprecated .live()
working demo http://jsfiddle.net/gL9rw/
Issue was .live which is deprecated now. 
If you keen: What's wrong with the jQuery live method? :)
code
$('.close').on("click", function () {
    $(this).parents('div').fadeOut();
});
                        Try this, it should be fadeOut() not fadeOut
$('.close').click(function () {
  $(this).parents('div').fadeOut();
});
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