Limitations Of Ableton Live For Recording, Can it be a stand alone software? Options

[bucko]

I am almost ready to lay down hard-earned cash for my studio setup. I like Ableton Live, I have a powerbook g4 1.67mhz, and was told at the local Guitar Center that you can do hard disk recording with Live. How versatile is Live for recording? I was going to get a MOTU Traveler and I'd have my MIDI hookups and I could record and playback with Live, and manipulate the samples in real tim with it as well.. BUT..

I may be missing something here. I probably need a MIDI controller/synth. I probably want to sample and record my acoustic instruments with my microphones, through the Traveler, into Live, and be able to manipulate the sounds with plug-ins, etc. What does Logic, or Digital Performer, have that Live doesn't have, or visa versa? There must be some limitations, I'm not aware of, because Live costs only $499 or less while Logic Pro costs over $800 and DP is higher than Live too.. Is there someone out there that could help me become the creative producer/musician at home that I know I can be? I have played the drums for years, and dabble in the guitar, and my trusty Rhodes electric piano, but I need to take the next step. HELP!!!

[mortalengines]

I've been looking at Peak...when you say "clean up", do you mean like adjusting DC offset, noise reduction, etc.? What processes do you find Peak useful for (I've been bouncing tracks that needed it from my mac to Sound Forge to remove glitches, noise, making loops occasionally, but would like to keep my tracks in my Mac if I can). Do you master with Peak? Crossfade songs, etc?