You basically get full Max/MSP/Jitter functionality inside Ableton Live. Audio and MIDI I/O is handled exclusively by Ableton Live. Stand-alone use of Max for Live components is not possible.
Max for Live
Certain aspects of Ableton Live's functionality are limited when using Ableton Transport Control, and may behave in unexpected ways.
Clicking the 'Edit' button of a Max for Live device opens Max, but not the Editor/Patcher window.
Max for Live does not launch, user gets a 'Code: -7' error.
Live crashes on Windows when a Max for Live device is loaded.
The track/device/parameter choosers of some devices in the Max Audio Effect/Tools/APIfolder or the respective lessons are grayed out.
No parameter values and/or text is displayed on Max for Live devices.
When trying to edit a Max for Live device, the error message “Access denied, ID: eOS : 5 / path : 3” is shown.
If you already own Max 5, Max for Live is available for a discounted price.
You can use Max for Live devices only while running Live as ReWire master or as a stand-alone application.