Ohhh yeah, that thing. It's kinda confusing and took me a bit to get it running right, but basically you gotta select both left and right if you want to record both sides of your line/cd/whatever inputs. I think it's kind of a pain to have to click both channels, but maybe somebody out there could find it useful to realtime record different things onto different channels... say a guitar and a bass merged into a L/R signal or something.
I'm still not totally sure what the hell all those extraneous arrows going up and down and all over the damn place are, but I got it workin to record from internal wav (sampling winamp) and my hardware mixer with all my gear dangling off it (line in), so I think I'm good to go now.
And yeah, toast all that annoying crap creative dumped onto your hard drive. Unless you need it for something specific, it's just wasting space. Your games will run fine, and the worst that could happen is you'll have to tweak some audio preferences in different apps so they know where to send audio.
DaJacker: Remove all mention of sb live/creative in your device manager (right click on My Computer -> properties). Run the installer, but tell it to install somewhere other than c:\windows\system say c:\Program Files\apslive. Reboot. Then, go into device manager again, and do the update driver thing on the sound video & game controllers. Choose a location, and tell it to get the inf file from c:\program files\apslive. Reboot again, and you should be in bidness. All of this is on the Installation page on their site, have you read that and the FAQs?
-mj-