How do you rate the sound blaster live value for vocal recording, audio recording (external keyboard/synth via mixer) and general audio input/output???
It's consumer grade. You can definately get very passable results with one, but they're nothing to write home about. If you already have one, use it. If not, look a bit more. Search this site for threads on sound cards. There's about six weeks of solid reading on the subject.
Track Rat is right. It's certainly OK as a beginner card to get your feet wet. I still use one to do things like transfer old cassettes to CDR. But for making new live recordings, it's limited.