Can I use the Innovate LM-2 with Windows, see live data on my PC and log OBDII channels?

Yes to all. The included Innovate software (LogWorks/LM Programmer) runs on Windows (32- and 64-bit). You can view data live on the PC, and the LM-2 can log OBDII channels, but when logging many OBDII channels the sample rate is slow because of the OBDII protocol speed.