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If you are wanting to just record your guitar playing using the MAudio Fast Track USB, and you have Audacity, you DON'T need to worry about getting a handle on live 6.01. That program is NOT a traditional recording software, and I don't think it suits what you are saying you want to do. It's cool in its own way, but different in its basic function than Audacity.
[edit: Live 6.0.1 refers to Ableton Live 6.0.1, which comes bundled with the M-Audio Fast Track USB]
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