Man, I feel sorry fo ya, but the thing is that I am able to run MX300 on KT7 which is unreal, so you should run Live! without problems. Dont load any extra settings in the bios.
Put it on the bios default. When you are setting up yer drivers for the sound, make sure it will not set the sb16 thing. Usually the procedure is this: unzip sound driver into the directory (folder), plug yer sound card in the PC, boot, point windows to that directory when it prompts you for the drivers. When windows boot, make sure emulation for the SB16 is disabled in the device manager.
If any problem, try to switch PCI slots... hehe
its not too late yet...