Make sure you have Administrative privileges to install software, in the User account settings. you can download Ableton live lite here. I always used Fruity Loops to record, it takes a little time to understand how the software works but it's really intricate, great software to record music and you should be able to use this hardware with it.

Here are system requirements:

Compatibility
ASIO 2
MME
Sound Manager
DirectX
Mac OS X Core Audio / Core MIDI

Minimum System Requirements (PC)
Windows 98SE / Me / 2000 (SP4) / XP (SP2)*
Pentium II 350 w/ 64MB RAM
* Home and Professional Edition only. Windows Media Center Edition is not supported.
** M-Audio suggests you also check the minimum system requirements for your software, as they may be greater than the above.

Minimum System Requirements (Mac)
G3* 300MHz/G4* 350MHz
OS 9.2.2, 64MB RAM;
OS X 10.2.6, 10.3.6, 10.4, 10.5.1 w/ 128MB RAM**
* native USB port required; G3/G4 accelerator cards not supported
** M-Audio suggests you also check the minimum system requirements for your software, as they may be greater than the above.