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It's the asio driver that controls the latency. Make sure you are using the right driver. I use an m-audio product and didn't have to do any tweaking at all to get at 5ms or less latency.
Recording ONE track at a time will also make a huge difference in PC based recording latency. You could do the guitar 1st, for example, then add the vocals instead of having them both running simultaneously.
Recording ONE track at a time will also make a huge difference in PC based recording latency. You could do the guitar 1st, for example, then add the vocals instead of having them both running simultaneously.