This official Ableton tutorial takes a look at sound design in Live with Sampler.
Note: Ableton is running a Summer of Sampler promo - buy Ableton Live 8 before August 31 and get Sampler, worth EUR 99/USD 129, for free.
It's a Beast, don't drop it, it'll do damage. To the floor.
Matthew demos Pams and shows of a new filter based on the Akai S950 filter