Project5 works already for this through ReWire and I'm sure it will be better after an update of both Live and Project5. However, there are those who don't need all of the sequencing ability of Project5, yet still want to use VSTIs and DXIs in Live. Someone recently told me try CONSOLE and I was happy to see that it is a very flexible VSTI/DXI host. After some fiddling I was able to get it working with Live as a VST plugin.
Below are the instructions, but you'll need to follow the instructions I gave earlier on how to use one midi port for two audio programs at the end of this post (note that it is assumed you will familarize yourself with CONSOLE and so these instructions are merely to help you get CONSOLE and Live working together):
, download and install MidiYoke and MIDI-OX.
Open MIDIOX, goto menu options then midi devices.
1. From here, choose your hardware midi input and choose MIDI Yoke outputs #2 & #3.
2. Now you should see MIDI Yoke outputs #2 & #3 in the Port Mapping box.
3. In the Port Mapping box, double click on MIDI Yoke #2, then double click on your hardware input, then double click on channels.
4. From channels, delete all except for one of your choice.
5. Do the same for MIDI Yoke #3 except only delete the midi channel that you chose to keep for MIDI Yoke #2.
6. Click okay and your done.
The above will make it so that you can control Live with a specific midi channel and CONSOLE with all other channels or vice versa. In order to have this functionality you need to have MIDI-OX running in the background. This is okay because MIDI-OX uses very little cpu.
7. Open Live, goto preferences then midi and choose MIDI Yoke driver #2.
8. Choose a track and add CONSOLE as a VST plugin.
9. Open the CONSOLE view by clicking edit and you'll see an audio input and an audio output module.
10. Delete the audio input module (the one on the left) and click the MIDI button (third row down from the top).
11. In the MIDI settings box, double click in the first row, on top of "none" (located in the "Device name(M)" column). Choose MIDI Yoke #3.
12. In the Function view, open the MIDI view and then drag MIDI Yoke #3 into the building area of CONSOLE.
13. Now add a VSTI or DXI or your choice. Don't worry if it takes a moment for the VSTI/DXI module to load, I guess this is how CONSOLE is atm.
14. Connect VSTI/DXI to the audio output module by dragging from the 1 to the 1 and so on. You'll see what I mean when you have it open.
15. Connect the OM to the IN of the MIDI Input module and the VSTI/DXI module, respectively.
Now you can start playing. Once MIDIOX is setup it really is easier than it sounds, just try it and you'll see.
16. In order to record, you'll have to choose Master Out as Live's input. If you are recording into the same track that the plugin is located on, then you have to make sure that monitoring is turned off. This is because the plugin can't monitor through itself and if it did then the situation would become ugly.
16a. If you only have stereo outputs, then you will have to mute all channels except for the one you want to record. This is because you are recording everything that comes out of the master.
16b. If you have multiple outputs, then set every track that is playing back to PFL. This way you can still hear everything, but only CONSOLE is coming from the Master Out, so only it will be recorded.
17. If you try to playback audio on the same track that CONSOLE is located on, you probably won't hear anything that's on that track. The workaround is to:
a. Either delete or bypass CONSOLE.
b. Playback the audio on another track.