Originally Posted by bluestarbass
1. In this instance the cable is the sound card. It will either have it's own drivers, or use asio generic drivers. You basically tell your computer one sound card is for in, and ones for out. You can configure this in any audio program.
2. It "could" be used for either. I think it would be almost impossible to play live. I've never use that particular audio interface, but USB in General has pretty bad latency. I would stick to just recording with it.
This isn't a real high quality solution, but I'm guessing it's at least as good as your behringer interface.
It's definitely not worthy of a live situation, but when recording guitar my setup goes as such:
Guitar -> Fender Mustang -> Usb -> Ableton live lite Fender edtn.
The sound still comes through on the amp but even off the lag is really minimal.