Well, I’m going to have to disagree, about the Soundblaster in general if he is just working with waves in Sonar 7. I had the SB live xgamer card and recorded nicely with WDM into Cakewalk Guitar Tracks with my old P4 system. But the SB live cards were from the P3 win 98 days. I'm not sure if they still update the driver for that anymore and chances are you are using an ancient driver. You may be able to get going again in Sonar 7 if you update the driver.
As far as that M-Audio card, I've had the delta 1010lt and audiophile card when I was using PT M-powered.
I would take some of the other recommendations here. They don't have real good driver support.