How to trig audio from hardware with MIDI in Live 8?

[feytus]

yo peeps! I just got the Waldorf Microwave XT, been scratching the surface of it since I got it a couple of days ago, and although I love some of the sounds it can churn out, I'd like to be able to use it as I use the MonoMachine (tweaking multiple tracks while sequence is running). First off, this is how my Microwave is hooked up;

- It receives midi notes from my midi keyboard (Novation SLMK II)
- Audio out goes to my Mackie 802-VLZ3 mixer's Line-In
- ... and from the mixer to my soundcard and in as an audio signal to my computer

So, is there a way for me to do the following ...

- set up a multimode in Live, where a different MIDI-channel for each different instrument (as Waldorf calls it)
(then put in some midi notes in each pattern and ...)
- have these patterns loop as I tweak the Microwave
- be able to hear the audio from all channels simultaneously while only tweaking one of the MIDI-tracks

Will i need some sort of MIDI-interface for this to work? To send MIDI from the Microwave directly into the MIDI-interface (and to Live), or can it be done via the Novation SLMK II? Is it possible at all? Pretty new with using hardware, and I just can't seem to wrap my head around this one. Been reading the manual of the XT over and over, but can't quite figure out how to do this (if it is even possible - it should be, right?).

Any input on this would be much, much appreciated!