Create a new set in Ableton.
Right-click in the track view. Select "Insert Audio Track" for each instrument or vocal you will have. Select "Insert MIDI Track" for each virtual instrument you will have. Select "Insert Return Track" if you want to send the signal from another track to be processed through another independent track. By default, Ableton begins a project with one audio, one MIDI and two Return tracks.
Select the virtual instruments you will use in the Live Devices menu. Drag the desired instrument to a MIDI track. You can easily test out different virtual instruments to find the right sound for your performance.
Select any desired effects in the Live Devices menu. If you want to manipulate the audio signal, select Audio Effects. If you want to manipulate MIDI data, select MIDI Effects. Drag the desired effect to the corresponding track. If the effect will apply to multiple tracks, drag it to a Return track. Send the output of the desired tracks to that Return track.
Connect any MIDI controllers you will use in your live set. Make sure they're selected as the inputs of the desired MIDI tracks.
Select "Preferences" in the Options drop-down menu. Configure the appropriate audio settings. You may want to use an audio interface if your computer sound card isn't capable of processing multiple inputs and an output signal efficiently.
Close all other programs so that your computer memory is not unnecessarily used during live performance.