So I installed Ableton Lite Live 7 yesterday because over the Easter holidays, I need to record some higher quality tracks for my BTEC unit at college.
Now, I'm a complete noob to recording software, anytime I've recorded on a computer before, my dad's always been in charge, but he's out of town for a while, and doesn't use Ableton for his KB37 so he can't help me anyway.
I've managed to record me playing my guitar and as you can see in the picture below, it shows that it recognizes sound.
Problem is, there's no audio when it's playing back ¬_¬

I've attached a file of my preference list with my settings, and I'm just wondering if I've done anything wrong while setting it up?
Also, when recording with a PODxt Live, does it pick up the effects in the board or the settings in Gearbox? (Hope that makes sense)

Any help at all would be brilliant as I really need to get these songs recorded!

First, start by correcting the driver error compensation so that the overall latency is about 1-2ms (at least that's what I put mine at). This will keep you on time when you play. Then click on "output config" and make sure whatever output you use is selected (XT > amp or XT > phones; it's gonna be some number). This means that you need some sort of speakers connected to the POD in some way; can't use computer speakers. You should hear all the XT effects when playing back. If you don't have any speakers or headphones to connect to the POD, you will have to keep switching back between the XT driver and the ASIO4ALL driver, but that would just be ridiculous.