Audacity (audacity.sourceforge.net) is a great program for audio editing/recording that can do multiple-track recording and all kinds of other great stuff (I'll record myself playing guitar then speed it up - wow, listen to me shred!
). I'm not sure if there are any distros that include it, but you might want to get a Debian-based distro (like Ubuntu or Kubuntu) since the Audacity binary comes in a .deb file. Your sound blaster live should be supported, see the Hardware Compatibility List on this site.
