Ableton Live is the music-production solution that allows you to spontaneously compose, record, remix, improvise and edit your musical ideas. Live brings your acoustic, electronic and virtual instruments, as well as your digital audio recordings, together in a single interface with unparalleled ease of use. In the end, Live lets you focus on what really matters: your music.
For Codec support install QuickTime with winetricks. Tested with .mp3 audio and .mp4 video files.
I get missing gstreamer 32bit lib errors when I don't do this. So I suppose gstreamer could be an native alternative.
$ winetricks quicktime72
Set your Windows version to Vista or 7 in winetricks to get rid of the black screen bug from QuickTime.
Black Screen on Startup
If you have the screen cleared black on startup when you use QuickTime for codecs, you have encountered Bug 1347.
Set Wine to Windows 7 mode in winecfg to fix this.
Bad Audio Quality
If you have bad audio quality, try a sample rate of 48000 in the audio settings.
If this does not help and you use pulseaudio (default on Ubuntu), kill it. Kill it with fire. (sudo killall pulseaudio).
Make sure the audio test in winecfg sounds good and is played back completely.
Exporting / Rendering Audio
Currently you need to build wine yourself and apply this patch, as stated in Bug 15695.