Line 6 spider iv direct in?

The ability to hear what you're doing without latency belongs to your audio interface, in this case the M-Audio Fast Track Pro.  If the Fast Track Pro has a headphone jack then there is most likely a way to do it and you will need to check your Fast Track Pro user manual.

I think I figured it out. I hit input echo and I could hear my guitar riffs. It also had the high pitch frequency but it didn't actually record that pitch and it disappeared when I turned the input echo off.

OK. Will do. Much thanks

I'm not Herb, but you can use whichever you want; just use the best one.
I used to record my amp with a mic. Started with a Shure SM 58 dynamic then went on to an MXL condenser. Both gave me good results. Try them out and see which is best for you and your room, or... use them both.
My current situation doesn't allow much recording with a mic, so I DI my Fender Mustang I.