Ableton Live 7.0.14 is a digital audio workstation that allows users to create, produce, and perform music. Its most important features include a clip-based session view for live performances, a timeline-based arrangement view for composing and arranging tracks, a wide range of instruments and effects for sound design, and powerful audio and MIDI editing tools. Additionally, it supports third-party plugins, has a user-friendly interface, and allows for seamless integration with hardware controllers.