At the moment I have the Focusrite driver set to 1ms
For reference, here is my configuration in Sonar:
*Viewing preferences menu in advanced mode* Preferences-->Playback and Recording: Driver Mode =
ASIO
Preferences-->Audio Data: Record Bit Depth =
24
Preferences-->Driver Settings: Playback Timing Master:
1: Focusrite USB 2.0 Audio Driver Output 1 Record Timing Master:
1: Focusrite USB 2.0 Audio Driver Input 1 Sampling Rate =
44100 ASIO Reported Latencies:
Input: 5.0ms, 222 samples
Output: 6.1ms, 267 samples
Total Roundtrip: 11.1ms, 489 samples
If you are having drop outs/crackling and such, try quitting out of Sonar and upping the latency in the Focusrite panel from 1ms to 2ms and so forth until you reach a setting that works ok for you.
As far as the clipping sound is concerned. You may be clipping your inputs. Are the led indicators on the 2i2 turning an amber/red color a lot? They should stay in the green.
One thing to note about the 2i2 is that if you're recording an electric guitar or bass with active pickups (and even some with passive) with the 2i2 channel set to inst, even if you have the gain all the way down on the 2i2 you'll still get a pretty hot signal. So be careful of that. It's easy to clip this thing. There are some who complain of this on various forums. For me personally, with the gain set as low as possible, it's pretty much a perfect level for recording with my particular guitar.
Anyway, Good luck. Let me know how things go.