@leafcuter
Hey man, truth is there are many ways to set up your studio to record any Elektron hardware into your DAW of choice.
Whilst I agree with gbravetti and think his setup with the UL is awesome (I used to own an UL), i would recommend you start off by just using the simplest method which is just to record your OT outs.
This way you can get comfortable recording audio into your DAW and can apply the same steps going forward with any bit of hardware you own in the future. The only thing you require is an audio interface (soundcard) with 2 inputs (L+R).
For Ableton specific do the following:
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Connect OT outputs to your soundcard inputs.
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Open up a new project in Live and delete all unwanted Midi & Audio tracks
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Leave 1 Audio track in Live, and go into preferences.
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Make sure in preferences under Audio, that you select your soundcard and ensure that your inputs are selected and enabled. (This allows Live to “listen” for incoming signals).
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In the project, ensure you have set the BPM of Live to match the tempo on the OT.
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Record arm the track in Ableton and make sure in the Audio From selection you have source from Ext. In selected and right below that the channels you are recording from.
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Set Monitor to In and hit play on your OT.
You will notice that sound is now coming in through that channel. What I do next is Deactivate the Audio track so that I dont hear feedback (else you hear the OT twice)
Now if you hit record on the transport button, and then press play on the OT, you will notice that you are recording your session in the Arrangement view.
You may need to adjust the volumes to ensure no clipping (usually however the OT outputs are too weak so you may want to jack up the Input gain on your soundcard).
In any case, I recommend leaving enough headroom (ie it doesnt matter if it sounds a bit low) as you can then use Live’s effects to further process the sound.
Hope this helps!
Have fun.
Niko