Ableton makes it easy

Ableton is out with a light version of their flagship sequencer product. Live LE costs you 150 USD (download version), and has the next serious limitations if you compare it with the original: the number of the channels is maximized in 64, handles maximum 2 audio inputs and 4 outputs, soft instruments'number is limited in 8, effects in 12 at a time, there is no Freeze, no Rendering, does not use your MIDI outputs, no ReWire, and no video player. But it's still a nice toy, isn't it?