I have the following bit of code
console.log(\"I am\");
var x = \"console.log(\'Alive!\')\";
Now I only want to use x to exec
What you are looking for is eval(). By passing a string to this function you will evaluate the string as JavaScript code and it will return whatever return-value the code in the string returns.
Be aware when using this function though. You do not want to evaluate any code you do not know is safe to execute. For example, running user-generated code could mess up whatever you are making. While using this in JavaScript on a website this will probably only cause issues on the client-side and hence probably won't be much of a security threat, you would want to be VERY careful when evaluating code on for example a server side.
As have been hinted to in other posts here you probably want to make a function instead of an evaluated string if you are in control of the source code that is to be run.