Noisebud has released CatchDad, a new plug-in created strictly for live situations.
With CatchDad you can catch 4 different sounds with just the click of a button and instantly start to program rhythms with the built in step sequencers.
Put it on a channel (or return track) in Ableton Live (or any other VST host that send time signals). Activate live monitoring if you like to record live sounds or run a loop trough CatchDad and start programming beats on the fly, or you could use loops as sound banks to change sound as you go or catch a live drummer and start to rearrange what he's playing in real time or just add hits here and there.
CatchDad is free and is available for Windows as a VST effect plug-in.