In recording lingo this is called "bouncing". So look up it up in your manual, because every recorder and most programs have it, but the steps are specific to each program or unit.

Thank you for the reply. For some reason my computer can't find the manual file that comes with Live Lite and the CD didn't come with any paperback manual so I was wondering if anyone with some experience with Live might be able to help. I can't seem to figure it out...

If this is cracked or pirated software you won't get help here, if came bundled with a unit you own contact the manufacturer of your unit for manuals.

I can assure you the software is not pirated. If it was pirated you would be pretty sure I would get the full version of Live instead of the Lite "demo" version. The software came bundled with my M-Audio Mobile Pre USB preamp and I was just looking for a little quick help from anyone who might have an answer. So if anyone is familiar with Live Lite the help would be appreciated.

I was not trying to accuse you of anything it is just that people with pirated copies are usually lacking a manual. Does your software allow you to route the tracks in question into a group channel? Can you then route that into a third channel while recording? If not, while this is not the best method you could master the two channels to a main out and bring that back into the input on the M-Audio box assigning it to the third track and record, watch your levels both out and in if you are going to try this.

Again contact M-Audio for manual.

I looked around for some kind of online manual for you but no luck. I don't know if you already have but this is probably your best resource video from Audix

The Abelton forum, I don't think there are many Live Lite guys logged in here, I know I am not and my suggestion above is really not the best solution.