Whussup people!
Here’s a quick way to do an effects rack in Ableton Live so you can switch between effects real quick using only one knob and feel like a knobbery king.
It’s amazing for some badass live-ism, of course. It does get you all the chicks (fact: it may only get you some beard-strokers in the front so I take no responsibility here).

Start by loading an empty effects rack.

Add whatever effects you want to use.
Here, I keep it simple and I’m adding a reverb, a pingpong delay and a phaser effect.
Just drag and drop them onto the rack while feeling like a boss (or, alternatively, a CEO).
Drink a lot of coffee while you’re doing it, and if there’s any people looking, try to look so confident they’ll think you’re the shit.

Then map the power buttons of all effects on a knob of your choice.
Enter the map mode by clicking on “map mode” so that stuff turns green. Then, click on a power button first and then on the “map” below the macro knob.
Do this with all effects and assign all their power buttons on the same knob.

After that, we want to adjust the ranges mapped to the knob so that each effect gets a range of its own for its power button so that you’ll never have two effects on at the same time.

Adjust the ranges as in the picture. You’ll find this view in the upper left corner while you’re in the mapping mode (and if you’re not, click on the “map mode” on the effects rack, you big dummy!).
Notice here that 1) the ranges shouldn’t overlap and that 2) the ranges start from one, not zero. That means that when the knob is turned all the way to its most counter-clockwise position (zero), no effects are on.

Finally, you may want to rename the knob in case you’ll build a monster rack with lots of functions assigned on the knobs for maximum Skrillexness so you’ll remember which knob does what. Or maybe you don’t want to do that as you want to go crazy. For maximum Skrillexness. BTW, Skrillex is the shit.

I hope you managed to do that. If not, whoa, cut down on those beer kegs, bro.
If you want to load the rack I did, you can: grab it here.
I posted some drum rack tips some time ago, and you can Czech them out here.

Now, go tweak your knob (you can take that in many ways I guess) and enjoy 2013 like a boss. Or a CEO.

Regards,
Fanu’s Live Training.