Hey guy's,
I got Ableton Live 8.2.2 and tried recording guitar on there but the latency was SO bad!
I tried to turn the latency down but it sounded like the output was clipping really bad.
I thought it could be the fact I'm using a M-Audio Mobile-Pre USB, but it never caused any problems on my iMac in Garageband.
Would anybody recommend a better program for recording guitar tracks?
I have Guitar Rig 5 as well, I really wanna be able to use it.

Let me know!
Try the Recordings forum. you'll get better results there. It could be a driver issue. It could be that you have a lot of background programs running that you aren't aware of. It could be a heck of a lot of things, but I'd need more info to diagnose than that.

Are you monitoring the affected signal while recording? Try this: Bypass GR5 and just try recording the completely dry output of your guitar. Then apply the sound you want to the signal with GR5 after the recording is done.

If it sounds like your output is actually clipping, then are you sure you're gain-staging correctly? Don't juice your preamp too much. Lower in the input level on your interface maybe?
"I agree with Matthew about everything" - Everyone
could range from interface issue or even the guitar leads you are using. Try and isolate the issue by using different leads, trying different guitar or plugging guitar into another input (Amp), checking the CPU use when you are recurring e.t.c