I'm having a similar issue and more... I downloaded the Monkey and the latest version of GearBox 3/16/10 to upgrade the firmware and be able to see the POD X3 Live online.
Also, not only download tones but most importantly have a user interface for the POD X3 Live to save and rearrange each bank to a different category of tones by simply dragging and dropping, at least that's what my friend is doing it which is a far cry from doing it manually through the small menu which everyone hates...!
I also have not been able to hear both the Mic and Guitar inputs the same time it's either the guitar or the Mic. Any ideas folks..? I know this is a very simple task, but I'm just burned out in going through the small menu any more after spending many many sleepless nights finding the Amp mode;s/Effects and saving them manually.
Thanks a bunch.
--Ara