Why are you using ASIO4ALL when you have an audio interface?
I recommend you uninstall ASIO4ALL, then tell Sonar to use the M-Audio interface and the ASIO driver that goes with it.
I suggest also starting with a Sample Rate of 44.1 for both Sonar and the M-Audio interface, a recording bit-depth of 24, and an ASIO Buffer Size of 128.
Please give the above a try and post back with the results or any additional questions,
Bob Bone