I dont use LIVE, so forgive me if my terminology is a bit foreign...
Im using Cubase SX, and the way I do it is to have my MIDI channel set up, and a Audio channel. SOLO the MIDI and Audio channel, and make sure that your Ti is set up so it is feeding audio into the Audio channel. Make sure the Audio channel has "Record enable", and then hit record.
The MIDI sequence should play, the Virus Ti outputs are sent into your soundcard inputs, and the Audio channel should be set to these inputs, receiving Virus audio. This should be done using regular MIDI and Audio cables, NOT USB...
Hope that helps out!
