Setting up a Sound Card in Ableton Live

First we open up preferences. And click on the Audio tab.

From here we can set up our sound card to run with Ableton Live.

In the Driver Type drop down, choose the right ASIO driver for your sound card.

You might also have the option of changing the Audio Device as well to match your sound card.

Remember it should be set to ASIO drivers and Device.

The next step is to set up the audio inputs we want to listen or record from. Click on the Input Config button.

You should see something similiar to the image below. Yours may differ depending on how many Audio inputs your sound card has.

This represents the physical audio inputs of  your sound card. To the left are mono inputs and to the right there are stereo inputs.

For the direct input of a electric guitar you would use a mono input. Also the same for a microphone or a bass guitar.

If you wanted to use a keyboard or a guitar multifx pedal box,  you would probably use a stereo input. 

Check your equipment manuals to see which you would need.

Click ok when your done to go back to the Audio preferences.

Now we just need to do the same with the Audio outputs.

Pretty much the same as the Audio inputs. From here you choose which physical audio output on your sound card you want to use.

For most set ups only one stereo output would be needed.

From Here