An easy way of setting up reference tracks in Ableton Live. Simply Drop the "AB" device onto the track with the reference material and use the A/B toggle to switch between your work in progress (A) and the reference material (B).

"Link" lets the "A/B" toggle bypass the first device in the master channel, so make it a mastering audio effect chain and it will let you hear the reference tracks clean when the reference material is played. After the mastering chain, you can place your visual analysis tools.

http://www.maxforlive.com/library/device/4259/ab-reference-tool