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Hi,
Answers:
1.) NO, you need a PC! (j/k get the most powerful machine you can, PC or Mac) I've heard some bad things about powerbooks running LIVE, but who knows.
2.) You'll need a good sound card. If you get a laptop, I'd suggest something like an M-Audio Audiophile Firewire (this would suffice, you don't need multiples).
3.) In LIVE 5, mp3's are supported, so don't worry about space any more.
4.)Get a cheap MIDI Controller, like an evolution x-session, to control anything and everything in LIVE.
5.) With Live 4, you sometimes have to do this, but once you get good at it, it becomes a breeze. In version 5, it has an auto-warping feature. I'm beta testing right now, and this feature is not quite working to potential yet.
Live 5 comes out in a week or two by the way. Go to www.ableton.com and check out their forums to get some great information.
Peace,
BB
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djbenbrown.com
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