1. Load some audio into a slot.
2. Select ‘Beats’ for the warp mode.
2. Select Transient mode for the Grain resolution
3. Select ‘Off Mode’ for the Transient Loop Mode — icon looks like ‘->|’
4. Dial Transient envelope down to zero
It ends up sounding like a gate effect, but it can be further confused by, for example telling it to use 16th notes instead of transients for the Grain resolution.
The track below is entirely comprised of Ableton Live time stretching abuse of various sorts….