00:16 = Overview
01:38 = Carrier
07:00 = Unvoiced
07:56 = Filter Banks (Giant Display)
12:44 = Additional Parameters
"A vocoder is an effect that combines the frequency information of one audio signal (called the carrier) with the amplitude contour of another audio signal (called the modulator)." - Ableton Reference Manual
So the carrier is what dictates when audio gets played and at what pitch it gets played at. And the modulator dictates or shapes the amplitude of that audio (also thought of as the rhythm of the audio). And of course they get combined.
In most cases the carrier is an external synth and the modulator is a vocal. And most of the time the actual vocoder effect is applied to the modulator source (aka the vocal channel) while the carrier source (aka the synth channel) is usually muted, but routed and working within the vocoder effect.
For this tutorial, I use the vocoder effect on a Cash Cash - Take Me Home acapella. I walk through every single parameter in extreme detail. By the end of the tutorial, you should be able to start using Ableton Live's vocoder in your own productions.
Good Luck! And don't forget to read the f***cking manual!