If you mean Soundblaster Audigy, you might try and download Asio4All.
http://www.asio4all.com/
It might help with the latency. If not, a Pro sound card like from Echo Audio would be the best. Soundblasters are considered toys for gamers.
For free, Audacity is a free sound recorder.
If you want to spend $50, Reaper is getting rave reviews over programs costing a lot more. It's free to try and it's updated almost daily. It's uncrippled...the programmers trust you'll pay for it if you decide to keep it. The forums there are great.
Google Reaper and Audacity and you'll find them.
_________________________
A great Jazz/Chord Melody Master (my former instructor
http://www.robertconti.comLP/Strat/Tele/PV/Wolfgang/POD/JTM 45
Keys: RD700SX/XP-10/Karma
(FKA GuitarPlayerSoCal) "I Love L.A." - Randy Newman