From Ableton Live comes an excellent demonstration video on what the amazing program can do.
Ableton Live is about making music. When you're writing and composing, Live is quick and responsive. When you want to record and develop your ideas, Live has the depth and toolset for intricate production. It's got the features to take your DJ skills to the next level and it's stable and flexible on stage, whether you're playing in front of 10 or 10,000 people. However and wherever you make music, whatever music you make, Live will inspire you.
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In case you missed it:
ROLE Magazine had a great article on Live "Looping" Musicians in Second Life in their April 2009 issue.