I see my name mentioned here more times than my mother's called it in my lifetime, so here goes.
The Live! requires setup. The manufacturer card will be simple plug and play - add drivers and away you go.
You can pretty much do that on the Live!, and be a little disappointed.
To get the best of my card you will need to add kx drivers and reroute the audio to come out through the back, and set up your playback software for ASIO output (ASIO is natively supported by the kx drivers), and resample with PPHS/SSRC to 48KHz (the exact number is critical).
Here's the reason for each of these things.
The SB Live! till about 2002 required two DACs, as multichannel solutions were not available then. So they used a simple codec for the front channel which would take care of headphone output and the analog inputs for CD, auxilary, etc. This would also serve as the main front output (the green jack). This was a 'computer grade' part, meaning very average sound quality. The codec had a headphone amp built in, and would go straight to the green jack. I had no freedom here, so I just upgraded the capacitors on the output, increasing the output quality quite a bit but not dramatically.
The big surprise was the rear output. Since Creative had no other option, they used a Philips 'bitstream' DAC connected through I2S. The DAC was an 'audio grade' part, and had much better specifications and performance than the other DAC, except it could not drive any kind of output directly. So they needed a buffer, and they slapped in a low-grade 4558 opamp and powered it off 5V supply, crippling and limiting the performance. The rear output simply sounded better than the front output anyway, even after all this surgery. The kx drivers allowed one to switch the outputs, so that the main stereo sound came out of the rear socket, though it could still not directly drive headphones.
So basically the mod aimed at removing all limitations of the rear output and allowing the Philips DAC to shine. I replaced the opamp with LM4562, currently National's best audio-grade opamp (sold under the new name of LME49xxx). I changed all coupling caps to Panasonic FC (which is pretty good for the price - head and shoulders above regular capacitors), and the opamp now gets a filtered feed from the 12V rail so its performance improves (it's rated to 30V, and performance increases with voltage). Correspondingly, new gain resistors are added to increase the output level slightly, to better drive low sensitivity products.
In spite of all this, I am tied to the Creative DSP which can mother the sound by resampling, so I use a software resampler in Foobar to resample output to 48KHz. This removes the last limitations and the card sounds really good. After writing all this, I don't even want to sell it anymore.
I must warn you, if you were to pick it up, it looks very ungainly with lots of soldering in weird places and even a capacitor on the back and some midair soldering. But it performs without any issues whatsoever, and sound miles ahead of any onboard, or any creative product I've ever heard or owned. I have not heard the specific Creative product you refer to, but I'm pretty confident of the quality. I could push it up another notch by changing all FC capacitors to Nichicon Muse or Black Gate, but the card is not meant to be mated with downstream parts that can reveal those differences.
I was running the card with my modded MX5021, and it sounded fantastic. I would trust it with everything short of monitoring and critical listening. It's currently pulled from the rig as the Alien serves duty. I keep rotating my cards like this anyway, but you're welcome to take a demo and see the setup process before you decide if it's worth your while.
btw sarang the card was for sale a long time ago, I closed the thread due to lack of pics. But it was still available, a PM would have seen you have the card.
Edit: Two additions: You need a slot above the card free. The cap on the back will interfere with any card occupying the slot above it. Second, you can't drive headphones through the rear output, but it's possible to fiddle a bit with routing to hook up 'phones to the front output (green) and have sound come from both at the same time. You'll have to use the speaker's volume control to cut sound going to it, or plug in a mixer (in the soundcard software) to cut sound to one output while the other is active. If you create separate profiles for headphones and speakers, you can load the profile that you want to work with. It's simple once you see how, but difficult to explain.
