Ableton and 16 Midi Channels?
 

I just figured something a moment ago.

I noticed I could use all 16 mini channels in ableton by selecting the virus channel (1-16). Does this mean I can use up to 16 sounds?

In theory yes, but in reality, no, You'll run out of poly way before you get up to 16.

You will run out of polyphony but just having 16 parts available takes so much load off your CPU thatd be used on other VSTS, it can make a huge difference. Plus even if you are getting note stealing, you can always compose the entire song with notestealing happening or bounce a small section of audio as a guide, keep all the MIDI, then once your happy with the track, bounce the entire track solo with all your automation etc etc.