M-Audio X Session Pro?

I was thinking about buying an M-Audio X Session Pro for live performances, and have a question that was not answered on the M-Audio website's description for this controller: can each of the knobs and sliders be custom mapped to different parameters on a program such as Ableton Live 8? I was hoping to get this and be able to map a few to various MIDI effects. If anyone can answer this it would be greatly appreciated.
 
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