This is a proof of concept. If you install the OSC folders from the mlrV4live* package you can get Ableton Live to send and receive OSC messages. Modul8 doesn’t of course react to OSC messages from Live but with some minor alterations of the OSC (global) module I got it to translate the messages to something useful. The module only sends and receives one message at the time right now but if people show interest in this module I could turn it into something more useful. I’m pretty new at Live and the OSC protocol so I learn as I go along. Ableton seems to send OSC messages for all events. MIDI notes does not seem to be sent over OSC but on the other hand they don’t really benefit from the higher resoluton of the OSC protocol.
The music in the video are tracks from the song The Great Fashionista Swindle by Dada Life that I downloaded from dadalife.com.
[Edit: I developed my thoughts a bit further in the Modul8 forum.]