MME is really not an option in win 7 / 8 if you want to overdub.
but I can understand why you did that, it was XP :)
different monster.
I suggest to the op that when buying a soundcard even if its a cheapo do some research and take your time, its worth the time because the headache you will receive buying little crappy ones for 50 a pop will drive you nuts.
im not even sure the lexicon even has ASIO drivers, cant find enough info on it but I did see some reviews and they were horrible.
the ones that were good were people not using it for things like sonar or Cubase, digital audio recording.