My favorite thing about Ableton Live is the ability to build your own custom instruments and effects.
In the video above, I walk through how to create my favorite custom audio effect, a custom Beat Repeat Device.
This device is great for live performance settings, but I use this in studio scenarios occasionally as well. The main reason being, I have the ability to chop up, repeat, and pitch down (along with other effects) audio with the simple turn of a knob.
What to get out of this:
The main lesson from this video is not simply how to built the rack that I did, but to understand that you can take these ideas to build any custom audio effect you'd like. I use these ideas to build many custom effect racks for my live sets, that allow me to add various effects and movements with the simple turn of a knob, or click of a button.