Well, I'm still doing alot of experimenting in that area. Here's what I've been doing:
I use cheap CAD-10 mics, and a couple of other 'better' mics. I have a huge challenge with a singer that just doesn't move air like the rest of us. I've recorded with the mic right in front of his face, and with one on a boom over top of it and pointed in an angle downward toward his top lip. I had other mics on him this last time as well, but these two mics are my primary source.
I like to record with no effects, because I can add the effects later as plugins or external devices...recording to a new track. That way I can have the untouched recorded tracks for later, in case I get a better idea.
The mic is plugged into a mixer, using it's preamps. I'm not sure how well you can do going direct to the Mic-in on the SB Live, but I think it would be much better through a low-noise mixer with pre-amp capability. You'll have more control over the sound going into the computer, because you can listen through headphones off of the mixer, and adjust the EQ, levels (avoid clipping) and any effects you must use before recording it on the computer.
This is from my limited experience in Micing. All of our guitars and basses are run direct. Our drums are mic'd and run through
my Fostex VM200 mixer...mixed through headphones, then sent to the computer. The Vocals are both sent to the PA's Mixer, then direct out to the Fostex Mixer, where I feed it into my computer.
I handle I/O to my computer through a Digital I/O card, the Frontier Designs Dakota card, but the process wouldn't be much, if any, different from using an analog card. I would assume that you are feeding your inputs into the Line In jack of your SB Live.
Good luck,
Tom Kemp