I was like:
So, no noise reduction, huh?
Noop. If you don't regard sophisticated use of EQ "noise reduction".
Generally I don't know about any software noise reduction that works
well on a direct audio input stream, but many such algorithms work
well on audio that has already been recorded to disc thanks to the
"pre listen" functionality. Finding no such thing in Live though - but
lots of distortion and noise creating tools ;-)