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Which sound is better?

i am pretty sure the sound chip on that motherboard would be better than on that 10+ year old sound blaster live card.
 
If the SB Live working properly then I would go for the SB, the new chip may be better the it can not it is not as powerful as the SB Live.

That unless you are using digital connection then I would go with the new sound chip (built-in)

Your choice.