(sidenote: ableton live is that stinky smelly dark brown shit!)
You can do anything you need to do with live, nuendo, cubase, logic, digital performer, sonar, or any of their little cousins. They all do the same shit but in different ways and with different workflows.
Another thing is that they all come with internal plugins. And some have better plugins than others. Alotta cats think Logic has the best internal plugins. But there's plenty of plugins out there for you to use in whatever software you pick.
If you're serious (and you pay for your software) try demos, until you find something you dig. If not, just use what you can download, learn it like the back of your hand, and when you start making dough, go buy a legit copy. (hehe nuendo is $2000, by the way...)