Hi guys how can I record straight from GR5 into ableton? preferably with the amp settings in tact??
Open Ableton, go to the Plug-Ins folder, and drag GR5 onto an Audio track. Then to edit the parameters, click the wrench/setting icon in the corner of the GR5 box that will appear on the audio track.

If you've been using Ableton for a while, it should be pretty easy to find all of that stuff. If not, I'd recommend flipping through the first few chapters of the manual.
Telecaster - SG - Jaguar
Princeton Reverb, Extra Reverb
P-Bass - Mustang Bass
Apogee Duet 2 - Ableton Suite
As easy as that^^

To give you a bonus.

Start new project, Put GR on track as explained by Sid.

Then go to Preferences -> File/Folder tab -> Save current set as default.

Now everytime you open up Ableton, GR will be automatically opened on a track, ready to record.

The "Re-incarnation of Plato" Award 2009
(most intelligent)
The "Good Samaritan" Award 2009 (most helpful)

[font="Palatino Linotype
Who's Andy Timmons??