Come on , we're talking about a $30 audio interface here boys.? Seriously a waste of time.
http://www.sweetwater.com/store/detail/UCA222/
 
 
It's been 5 years but I bought the Xenyx mixer cause I was stupid eneough to see "USB" on the box and believe it.  I used the latest "drivers" and I even tried ASIO4all, and it did not work with Sonar or Wave Lab. It seems to work  fine  with Audacity and for playing tunes with Win amp or WMP. But there was still static in the background.
They are simply cheap converters and bad drivers,
 
My Xenyx mixer was great while it lasted ( 5 years) it's  now toast. slowly some of the faders started glitching out, Now the Right master fader is gone. I have Yamaha gear that is +25 years old and still going, not impressed with short lived gear like this. Next one will be a Yamaha or A&H. Looking into 3 channel Powered Speakers to eliminate needing a mixer for live gigs. I'm not about to take the 01V on the road again.

Thanks Guys, i already have the ASIO4all Driver installed, and been trying all sorta ways to get it to work without the feedback, but as Johnny said, it could just be because of the quality for the price, the left side of my faders on the mixer itself it curently glitching, so im thinking of probably just getting another Interface and upgrading my Laptop as well to Probably a MAC Of some sort.