I did install the upgrade to the 64 bit version of Home Studio. I just checked my driver mode and it was set to MME (32-bit), I changed it to ASIO and checked the latency.
I also noticed a check mark beside "USE MMCSS (Windows Vista)", I unchecked this since I have Windows 7.
On the microphone, I have a low impendence Shure SM58 that I tried first through the UA-4FX but now trying a high impendene Radio Shack microphone.
Thanks for your help, I am going to give it another try.