All of the issues that you mentioned here are propriertary to this specific soundcard and should be addressed in the manual. I couldn't imagine that these things would be left out, so make sure you double check the manual.
Here's the way I would expect the soundcard's direct monitoring to work.
Signal enters soundcard (we'll say it's a vocal track). That signal is converted to digital and send to the computer. If the direct monitoring button on the soundcard is engaged, the signal is also sent to a headphone mix knob. This split occurs before the signal is converted to digital.
Also coming into the headphone mix knob is the stereo out of your recording software. If you are recording your first track with no click, than this will be empty. If you already have an acoustic guitar on track #1, this will be the way that you hear it. The headphone mix knob should allow you to adjust how much pre-precorded track volume vs the volumeof whatever you are recording now.
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If I want to play my guitar...and I record that...say on channel one. Then I want to record my voice on channel 2...and I don't do it at the same time...it is unclear to me how to start a recording...
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I'm not sure about Ableton. I've never used it. I always recommend Cubase because I love it and I can help much more.
The basic concept of recording with overdubbing (where seperate tracks are recorded at seperate times) is to recording your first track through channel 1 of the soundcard onto track #1 in your recording software. We'll say this is an acoustic guitar. You'll need to arm the track (usually a red button) and hit the record button. This should be all it takes to start recording your acoustic guitar.
Now, let's say you want to record vocals.
I would unplug the acoustic guitar for channel #1 of the soundcard. I would then plug in the microphone into channel #1. Next, create a new track (track #2) in your recording softare, unarm track #1 in the recording software, arm track #2, and hit record.
Brandon