The player photos are officially called as portraits. They are zipped in EA SPORTS\NBA LIVE 2005\fe\plyrprts.viv - but if you are not an experienced NBA Live user, I would not recommend to extract them. If you want to add a new portrait for any player, you have to put them to your SGSM folder (just like any other files with .fsh, .ebo, or .big extension) . Player portrait file looks something like this -> plyrprts~DEFISHE. I used Derek Fisher for example (first two letters of his name, and five letters of his last name) There's a lot of created portraits for players, see this thread
viewtopic.php?f=75&t=60696 - there were actually made for Live 08, but they work perfectly in out Live 2005.
Feel free to ask here for more help, if you would need any