In addition to ASIO4ALL, FlexASIOis a good alternative since it's a multi-client operation driver. Note: If you use a Focusrite interface from the Scarlett Range, ASIO4ALL seems to conflict with Focusrite's proprietary driver. If your interface doesn't include an ASIO driver, or if you're using your built-in computer soundcard, we recommend installing ASIO4ALL. Once installed, open Live's Preferences > Audio, click 'Driver Type,' and choose the ASIO driver.
We recommend using an ASIO driver for the following reasons: There are a variety of audio drivers available for Windows, such as ASIO, MME/Direct X, Realtek, Direct Sound, and Direct Capture.