OK al,
Hit P on the keyboard and Preferences window should pop up
Under "Audio" Select "Driver Settings"
Set your Audio Bit Driver Depth to 24 or what ever you prefer
Check the 64-bit Double Precision Engine
Under "Audio" Select "Sync and Caching
Under "File System" this is where you will see Playback I/O & Record I/O settings
the greater the number, the more latency you will hear. You will have to work it up to a lower figure while trying to maintain a stable system.
Id start it off at 512 or 1024 and work your way to 256, 128 etc... on both until your are happy
Let us know what you come up with