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Using ableton to record your set is not recommended. it will clog up ableton and the performance wont be at it's highest. You have to understand that ableton is a sequencing program, and the recording function is there to build songs and/or elements.
Another downside of recording in ableton is that you have to export afterwards. this isn't only time-consuming, but the uncompressesed WAV file is useless (again, for a finished master, a uncomp'd WAV is preferred, but not for a live-set... be realistic.)
I recommend you get a 3rd Party software to do the recording for you. One option is HDogg [http://www.fridgesoft.de/downloads.php?dl=hdogg]. If you want a more expensive but reliable option, you can try WaveLab [http://www.steinberg.net/128_1.html]
Basically, these programs record whatever is playing on your line-in, in real time. Once you're done, just press stop. Save on long, time-consuming step.
Hope this helps!
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