Alright so i just got this Fast Track M-Audio guitar/mic recording interface at guitar center for about $120 (the dude at the counter recommended it). Anyway i just got home and plugged it in. Its got almost 3 full ****in seconds of latency on it, which completely throws me off when im trying to keep any rythm whatsoever. Is there anyway at all to fix this, because the only way for me to record at the moment is to turn the output knob all the way down (ie, play on mute) and its really starting to annoy the hell out of me...

Also, the only software i know how to record with on is the crappy demo software it comes with, and it doesnt do any layering or saving files as .mp3 (as far as i know). So i downloaded Audacity and the Tracktion demo just now and im not sure how to set either of them to pickup my guitar. Can anyone please tell me how to do this? Im sorry if this sounds like an angry post or anything, all this crap is just getting to me really fast. Thanks

EDIT: Also is there any good quality editing software that i can find "around the internet" for a really low price (if you get the idea)?
Quote by gu1t4rh3r0
One of my friends said to the principle once,
"NO! The voices tell me not to talk to you!" *Runs away on all fours*
The principle eventually caught up to him and gave him a drug test.
hey I have that thing and you have to adjust the settings in the recording program...I use garage band and it has delay between play and recording. I don't know anything about window's recording program...but just mess around with the settings.

I take it you don't have a mac...otherwise I'd say use GarageBand. But once you figure it out it has amazing quality and is a great lil tool for that price...Good luck!