If you are halfway serious about making music on your computer I really recommend getting a dedicated audio interface. It will save you a lot of headache. The Focusrite Scarlett series gets recommended a lot and has options in many price classes. A budget of 150/200 bucks gets you in the "decent" area.

I have a Focusrite Solo that I use with my laptop, and it is really nice for the price 
I would suggest something like that, if funds allows it 

There you go. I'm afraid I have to add that USB mics are the worst invention for low latency audio production, it's a shame people still get tricked into buying these. I hope yours has a regular XLR output too so you can hook it up to an interface/preamp.

Sanderxpander
There you go. I'm afraid I have to add that USB mics are the worst invention for low latency audio production.

+1
I will agree with that.
 
While I understand the OP is probably just trying to get manageable results, its always baffled me how someone can spend hundreds of dollars on software and forget about the most important part.. The soundcard.
And microphone for that matter.
 
I wish I had something helpful to add to this thread. My apology's.

Having the sound card set to "Stereo Mix" usually leads to unwanted bouncing of existing tracks.