Ok, so i just blown 249 on max for live, and have no idea what im doing so im going to have to do alot of reading up, but what i would like to know is how can set up my launch pad a step sequencer within max for live
You have to find the best way to communicate with your launchpad.
you can use midi notes or use the control surface object of live API.
once you know how to use the launchpad with max it won't be very difficult to interface it with some of the sequencers available in max or max for live.
I suggest you have a look at the excellent M. Chenetz's web site:
AFAIK he will release a tutorial for the launchpad very soon.