I really must write that piece on latency,ASIO,etc to sticky - maybe when I get a good quiet spell....
Ok, for an explanation of ASIO read
this page, in the links section you will find a link to
ASIO4ALL, a universal ASIO driver that works with most soundcards.
If you download and install that, go to start> all programs>ASIO4ALLv2> ASIO$ALLv2 offline settings there you will find a control panel like this:
Try to get the ASIO buffer size down to as near 64 samples as you can get without getting any glitches, pops or crackles and you should be set... Also make sure any audio program or virtual amp you use is set to use ASIO4ALL as the driver interface then you should be fairly latency free.
Try it and see , be sure to shout if need any more help
Cheerz
Mick