Can't hear anything while recording

are you using your onboard soundcard?  if so, try switching to WASAPI driver mode if it's available.  if it's not, download and install ASIO4ALL and then change to ASIO driver mode.

and turn the input echo back on if you need to monitor from SHS. 

my best solution, however, is to buy a "recording" soundcard.  check my website for recommendations.

Vista and Win7 are different beasts.  the M-audio drivers for vista were crap.  but they did a much better job with Win7 drivers.  some of the other soundcards will work with vista, however.

It has input for guitar and headphones. I am not hearing my headphones at all through the link.

 
Under Options>Audio, set the Playback Timing Master to the guitarlink. Maybe that will help.
Then start thinking about which audio interface designed for recording you want next Christmas.

Hey Beagle, that "Echo On" Advice did the trick. Also, the only way that I heard stereo through the speakers is setting the interleave to Mono. Kinda puzzled on this one, but at least it works. If I can only fix the latency, I'd be good to go. Well almost. Still trying to figure out how to add studio instruments to my music. Oh and I ordered a CAD U37 Condensor mic. I'm hoping that solves the vocal recording problem. Any more advice would be great. Friggin' Latency stinks.

Well I fixed the latency on the guitar track by changing the buffer. TheUCG102 Guitar to USB interface seems to be working ok. I'm not able to use asio but I have the driver mode in WDM. Asio doesn't seem to work and it took me quite a while to figure out how to get proper sound out of the guitar and out of the headphones plugged into the UC Like I said, I'm pretty new to this. Playback with my headphones which I have plugged into the UCG102 is good, Only problem here is that I can't hear playback through the onboard speakers of my laptop. I have a pretty good traditional mic that I tried plugging into the input on the UCG it doesn't sound that bad, pretty good actually. I'm going to be recording pretty much solo so I can record the tracks seperatly. I cancelled my order for the mic, I'm not looking for any more problems. I assumed this was going to be simple. As far as the Recording Soundcard; I'm going to look into it. I'm not looking to spend allot. I'm to the point where I would gladly pay someone to hook this sucker up. I didn't forsee so much complication. When I bought the SHS I thought it was pretty much plug and play. Thanks for your help, any other advice would be appreciated.

When I bought the SHS I thought it was pretty much plug and play

 
In most cases, it is. The program almost always works the first time you load it. Then you hit hardware hurdles, like slow, inefficient stock sound cards. That doesn't mean the program doesn't work; it's just that for best performance, you need better performing hardware.
I went a couple years using my stock sound card, and struggled with latency and dropouts. Upgraded that hardware device (2 times, actually) and the recording experience improved dramatically. 

If you have a free USB or FireWire port, all it takes is to connect it and install the latest drivers for your system.
A good USB device can be had for ~$100. Beagle has some suggestions at his web site. Many of us also have our hardware listed in our signatures, so if you see lots of folks using M-Audio of Focusrite interfaces, most likely one of them will work for you, too.
 

Cool, you guys have been a tremendous help. I'm not seeing usb soundcards though. Could you possibly provide a link to one that might be appropriate. I'm looking for 2-maybe 3 inputs. Guitar, mic, headphones. I don't want to make a mistake here like I did with the mic I ordered.

yes, the m-audio fast track is an excellent USB soundcard.