A really fast way to submix tracks in Ableton Live 8 is by using the Group feature. Simply select the tracks you want in the submix and hit Command (Apple) G. You will now see the tracks have become connected to the main Group track which has the little arrow to the right of it’s name. (See pic below)
So in this case it’s a drum submix, similar to the ones you see when using a Drum Rack instrument. And you can see the output has automatically been routed to “Group”. So now you can add effects individually to each track as you would normally and then add the desired submix effects to the Group Track. In this case some Saturator, EQ 8, and Compressor (click pic).
Really good tip – man does this destroy Pro Tools submixing or what? Logic is a little easier too me but this is ridiculously well thought out. Ableton rules!!