Creative Labs explain how to install WDM drivers for
SB Live Value etc. under Windows ME (use drivers from WinXP):
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Response from Creative: 3/30/2003 2:48:04 PM

Dmitry,

The Live value should work fine with the drivers linked below in
Windows ME, but there's a specific way you need to install them.

http://www.americas.creative.com/support/files/download3.asp?
centric=108&descID=1926&maincat=11&OS=10&subcat=16

For the following to work, you will need WinZip 8.1 or some other
archiving utility that decompresses files:

1. Download the latest driver from our website, linked above.

2. With WinZip, right click SBLiveXPDrvUpdate.exe, choose "Extract
to C:\Windows\Desktop\LiveDrvUni-Pack(ENG)."

3. Now, in the Device Manager (Control Panel > System > Device
Manager) under Sound, Video and Game Controllers, double click on
the "Creative SB Live" listing.

4. On the Driver tab, click Update Driver.

5. Now, choose "Install from a list or specific location.
(Advanced)." Click Next.

6. Choose "Include this location in the search", click Browse, then
browse to C:\Windows\Desktop\LiveDrvUni-Pack(ENG)
\Audio\Drivers\WIN2K_XP. Hit OK, then Next.

7. Click Finish when it's done.

Jason