I have Delta 66 (which uses the same basic architecture and drivers as the Audiophile) and a SoundBlaster. They are both enabled except for the SB's DOS emulation, which i had read was problematic and would consume resources unneccessarily. I use the Live MIDI synth with Sound Fonts and usually play CDs through it via the standard CD-ROM audio cable connected to the SB card inside the computer case. I also use it to record the MIDI tracks to audio prior to mixing a project down to stereo. I use the Delta for all other audio recording.
As elevate says, they work fine together but I too had to fiddle with putting them in different slots until I had the IRQs sorted out.
I should also say that I have them running under Windows 98SE with MME drivers; I have not yet made the move to Windows 2000 or XP and the WDM drivers. I seem to recall having seen lots of posts about troubles with the WDM drivers for the Audigy and Live cards, but it might not be an issue for me if the Delta could be using WDM drivers and the SB using MME drivers.