Dymanic Mic Question / Sonar x1

Either drag the track in from the browser or import it. Insert another track for the mic, assign input/output, set levels etc. add FX as required then click on the "Input echo" widget in the track header. That should sort it.

Watch out for Feedback!
 
If you are playing your voice back through your speakers while your are recording, you risk feedback. You will be safer for feedback using your dynamic than condenser microphone (probably). Mic positioning will matter to.
 
In general, this is just a matter of routing. Set Input Echo on and route the sound out through your interface to your monitor set up (stereo). Bring the level up gently and carefully so you can quickly bring it down in the case of feedback.

Thanks fellas, dont think running it through any effects is needed, but will changing the latency settings fix the somewhat delay? isnt much delay, just abit.