There is a significant delay between play back and recorded tracks.
I just installed the SBLive 24 bit.

This may be an over-the-top solution, but if the recording programs you use
support ASIO, you could always install the KX Project driver set instead of
using Creative's drivers (which do not support ASIO at all for the Live
cards I believe). That should give you much better timing in your
recordings. The KX drivers have been somewhat quirky particulary in the past
though, so I will have to point that out. However, it may have improved
recently, I've not checked them out myself for a while. Still, they should
work much better for professional use than for gaming in any case, as many
games are badly programmed to begin with.