How do you set up an Alesis SR 16 drum machine into Fruity Loops so that I can not only load the samples and presets but also be able to use the drum machine and actually record it into fruity loops?

There is no way to load the preset patterns from an SR-16 into FL Studio. The SR-16 used a cassette tape for data backup, and did not transmit samples or Sysex by MIDI. You can record the audio out of the SR-16 one pad at a time, as well as recording the sound of the patterns. You won't be able to edit the patterns recorded like you can with other sounds in FL Studio.