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It is not currently possible to apply Serato Scratch Live's effects on the output of Ableton Live, as Live's output goes directly to the Rane hardware.
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The Bridge is free for registered owners of Serato Scratch Live and Ableton Live/Suite 8.2 or above.
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The Bridge requires Ableton Live / Suite 8.2 or above, Serato Scratch Live 2.1.1 or above and Rane Serato Scratch Live hardware.The Bridge is not supported by Ableton Live Lite, Ableton Live Intro, Ableto
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Provided that the Bridge has been activated, you can make mixtapes without opening Ableton Live.
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You can use Live's cue function if your audio interface supports multiple stereo outputs. Note that the Serato Driver Type only supports one stereo output.
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You need to own Rane/SSLhardware, but don't need an additional soundcard. Ableton Live's output is routed to the Rane/SSLhardware
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Install Ableton Live / Suite or above, install Serato Scratch Live 2.1.1 or above, attach your Rane hardware and open both programs, follow the onscreen instructions to complete authorization.
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This depends on what Rane or ITCH hardware you own.
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You can still use your preferred soundcard while using the Bridge.
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No. Serato Scratch Live cannot currently read information from Ableton Live's warp data (.asd files).