If you just need low-latency for monitoring and want to spend nothing you should try ASIO4All w/your built-in soundcard. I know being frugal is never popular though so...
I'd recommend a Line6 UX2 for its practicality (even w/a better audio interface in the future you can use it to run all the line6 plugins) or an Edirol UA-25 which is a bit quirky but has really nice mic pres and converters for its price/class.
I installed ASIO4ALL already. When I select the ASIO4ALL option in my settings for input, it bypasses my soundcard. My onboard soundcard doesn't have any ASIO drivers made for it either.
So I either have to get an external device that completely bypasses my internal soundcard, or i'm going to be stuck with latency.
Uhhhggg... this is getting to be a pain in the ass to figure out. I've already created like 4 of these threads asking for help, but no one has been able to offer me sound advice as to what I should do. I'm about to be ghetto and just record w/ latency and then just select my new recorded track and just step it backwards so it's on timing wise. I dont know what else to do.
If I get a Audio Interface, how does that solve my latency issues? I'm still going to be playing along w/ drum tracks on my computer. So would that mean that my recording input is utilizing ASIO, and my output on the interface would be going into monitors/headphones, and the output from the tracks on my computer being played through my computer speakers? I just don't get it. I keep saying i'm a n00b... but apparently no one believes me that I have no idea what the fuck i'm doing. lol