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Ableton live 5 is out now, and its much better if you want to DJ. AL 2 doesnt support mp3s, so you're going to have to convert you MP3s into WAVs in order to use them in the program.
If you do decide to keep using AL 2, then all you have to do is convert the tracks you want to use into WAVs, and warp the track. Just google it and you'll find something.
Hope that helps.
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