Creative Labs Sound Blaster Live! 24-bit External External Sound System "enable stereo mix" Questions

...stereo output. Use the Edit Channel Setting button if you have to change your input and output. Now with the MON MIX dial all the way to the right and with the Monitor button enabled on your audio ...

...stereo mix recording mode needs to be enabled.But am seeing only 2 modes for SB ; line-in & Wave/MIDI/CD - am able to record either mic output or playback - not both. The purchase is totally useless ...