hmmm, I think you may need to uninstall your existing sblive drivers then install the new ones.
at
SB Drivers you select the following..
Soundbalster, 16 bit, Sound BLaster Live! Value.
File type= Driver
language (english is default)
OS, (Windows XP is default for me.)
click 'GO' and you should be sent to the driver download page.
There is a driver 'Patch' and a LiveDrvUni-Pack. You can try the patch first, but I would reccomend that you install the uni-pak first.
These drivers are dated 28 Feb 2003. They are the most recent ones available.
I hope this info helps, Cheers!