@richie - nah man ive done some tests myself, say im using a low pass filter, native Live one, so theres no realy wet/dry knob, theres a huge difference on it if its through a return, verses slappin it straight onto the track, i never really touch the return fader either, i think its meant to be like this, its definitely something like 50% wet by default.
@gripz - create a new audio track, arrangement view might be easier, and arm the track, you should see the volume meter spiking a little if your mics crap or your using headphones :p this means its automatically taking in incoming signal from your mic, then just hit record then play, a red bar should start growing on the arrangement view, and speak/sing and it will record.
when your happy with your recording, simply slice it up literally, zoom into parts you want to cut up, drag your mouse over parts so they highlight, and click cut and then paste it onto an empty area or new audio track, or copy paste, or just highlight and drag peices away from the clip, it slices up automatically, just give it a go youll see theres nothing to it.
once you have a sample you want to save, just loop the area of the sample you want to save, solo the track if you have other tracks going on, and go to file>export audio/video
also another cool feature is you can collect all the samples youve used in a project into the actual project folder, so it makes copies, and if you have any recordings they go into the project folder too, under ''recordings'', samples go into a folder called ''samples'' , all you do is click view - file manager, a thing will pop up to the right, find the button that says manage set, then under ''external files'' it will show samples that are being used, it should say something like ''collect samples into folder'' then a box that says yes or no, click yes, it goes yellow, this is from memory so it not exactly the same, then down the bottom of that screen theres a button that says collect and save, hit that, and its done.
all your recordings are now physically in your project folder, as well as copies of the samples you used from your library, so ableton can always find them, handy if you move your main library around a bit.