Welcome to Gaia! :: View User's Journal | Gaia Journals

The point in the anime is to leave it as a mystery for the viewer to interpret but if you must know, the answer is no, Lelouch does NOT die.

The Code is the power of immortality, which C.C. has. The 98th Emperor of Britannia, Charles, has the Code. He transferred the Code to Lelouch while strangling him in episode 21. Lelouch wanted this, and he deliberately told Suzaku to not interfere.
However, the Code does not activate unless receiver dies first. This is shown when the nun kills C.C. after transferring the Code to her. Charle's Code activated when he shot himself. Here is one of the big misconceptions that most people have: The transfer of the Code does not involve death of the transferrer. The nun was crazy and killed herself after she transferred her code. VV was injured from the battle and died. So basically, after episode 21, Lelouch had Charle's Code (inactivated) and C.C's contracted Geass.

When Lelouch got stabbed by Zero/Suzaku at the end, his Code was activated. What supports this is that Nunnally got Lelouch's memories when she touched him, just like Lelouch did when he touched C.C. back in Narita. The only way this could have happened is his Code activating. This pretty much confirms that he has the Code.
Unlike C.C., and Charles, who lost their Geasses because the people who contracted them died, Lelouch didn't obtain C.C.'s Code and thus kept his Geass, while having the Code (which he obtained from Charles at the same time). Lelouch therefore has achieved CODE GEASS.

In the end, Lelouch is the masked cart driver (why else would they mask him) and CC is seen talking to him (her eyes slant towards the front of the cart when she says "Right, Lelouch?" wink and Nunally's Japanese paper crane is seen near the front of the cart, suggesting that it belonged to the driver