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Pro Tools refers to the various ways of routing audio through the system as paths. Each system has a default configuration with generic names for all of its available paths; this appears as the “Stereo Mix” I/O Setting in the New Session dialog. In most cases, this default configuration is sufficient for general use.
The I/O Setup dialog shows all of the available audio inputs and outputs on your Pro Tools LE interface across the top of the window, and a list of paths along the left side of the window. The channel grid in the center of the window shows how the interface inputs and outputs are mapped to paths.