[nocat]

There are 4 audio compression drivers that I'm aware of, as relates to live recording:

MME-- This is the built-in windows driver. It is designed for windows multimedia files,
and it is the least efficient of the bunch... Use this only if you have no other options...!!!

Direct X-- This is a Microsoft driver designed for multimedia and games, as well as some
streaming files... Better than MME, but you will still experience lag in multitrack recording...
If you have the choice between the two, choose this one...!!!

ASIO-- This compression driver was designed by Steinberg specifically for audio recording...
If you plan on recording multiple tracks, this is the one to use... Many modern sound cards
support, or have their own version of ASIO, for example: Creative ASIO...

Asio4all-- A set of free downloadable drivers designed to bridge the gap for those machines
whose sound cards do not support ASIO... If your recording software supports ASIO,
but your sound card does not, rather than settling for MME or Direct X, give Asio4all
a try... It works way better than those other two...!!!

Hope this helps...!!!
Cheers
Ben