Trouble getting acoustic guitar to record into Music Creator 5 LE

Hi all.  New to Cakewalk/Music Creator 5 LE.  I purchased a First Act 1/4" cable with a USB end to plug directly into my laptop.  The cable came with MC5 LE so I'm learning the software too.  My acoustic doesn't have a built-in pick-up so I'm using an external one that then plugs into the First Act cable (the pick-up works well straight into an amp so I know that part of the equation is working).  My trouble is that I can't seem to get MC5 LE to recognize the sound coming in from the USB port.  My laptop microphone is the only input option I have when chosing an input for an audio track.  I can play and record through the laptop's mic and then mess with it within MC5 but it won't go through the USB port.  Any suggestions on what I may be missing?  Is a configuration thing? Any suggestions welcome.
 
I have several images of the guitar and cabling and input setup screen in MC5 LE but the forum software seems to only want them from a URL as opposed to allowing them to be loaded from a local drive.  I can provide directly to someone if they think it's useful. 
 
Paul

Thanks for the quick response.  No drivers came with it but when I first plugged it in I got the 'installing device driver' software' message.  No errors popped up. 
 
When I go to 'change sound card settings' and then plug in the cable, it shows up under the 'Playback' tab as 'Speakers Generic USB Device' description and under the 'Recording' tab as 'Microphone Default Communications Device'.  Interestingly, I have a cigar box guitar with a built-in pickup and it works through this cable into MC5.  I think it's just not picking up a signal from the external picup on my acoustic.  Why would that be? 
 
My laptop is Windows 7 x64, 8 GB RAM.  Off the shelf corporate laptop.  internal speakers and mic.

Also... in windows sound card settings on the "Playback" tab, be sure that your real speakers are "set as default" with that cable plugged in... otherwise Win7 may try to use it as the "speaker" on you.

It looks like Win7 may be trying to use all of your devices at once. Try disabling the ones you will not be using to play... i.e. on the playback, leave only the speakers enabled, and on the recording only the cable input. Again, that window contains what is passed to other software, so with only your speakers doing playback and cable doing recording they "should" appear in MC5.
 
You may have to set up that sound card window before/after each session with MC5. When actually recording, you should not have to "listen to the device" if MC5 works properly for you.

Welcome to the forum.
I have a Dean Markley acoustic guitar pick-up. It has a very low signal level, so low that the digital tuner in my amp can't "hear" it. It's possible that the First Act cable can't hear your pick-up, too.
Eventually, you'll probably want to get an audio interface to replace the FA guitar cable.