Of LPD 8, Ableton and XP5/Traktor based DJ Set

[homespun-bleach]

Hi there, I'm very very new to djing and electronic music and would like to have some advice.
I sold my guts to buy 2 EKS XP5 and a KORG KM402 mixer. I am highly interested by the possibilities offered by Ableton Live and would like to use it to launch accapellas and various sounds.
Limited by what's left of my budget, the only midi controller that I can buy would be the LPD8 of Akai.
Can I use this controller as a small launchpad with effects assigned to its knobs?
Is there any alternative to the LPD8?
And all cool links for more information would be sweet.
Thanks!