unfortunately roland, latency is going to be a probelm with your set up. you're going from a USB mic to your onboard soundcard output, so you're using 2 different soundcards (the usb mic counts as a soundcard) with 2 different clocks. also, MME is the slowest of all protocols for drivers, but unfortunately it's necessary to use MME with your USB mic because WDM and ASIO won't work.
my BEST advice to you is to ditch the USB mic and get a real interface for about $150 and a traditional condensor mic, for about $100 to $150. I know that's a lot more than you paid for the USB mic, but the headaches are much less, I promise! I have soundcard (interface) and mic recommendations on my website.
in the meantime, we can try to "trick" your USB mic and onboard soundcard into thinking it's one device under ASIO (normally ASIO only allows ONE device). go to
www.asio4all.com and download asio4all, unzip it, install it and then go to MC3 OPTIONS>AUDIO>ADVANCED and change the driver mode to ASIO. you may need to close and restart MC3.
that MIGHT give you lower latency with your current setup. it might not. ASIO4ALL is a wrapper to trick the host (MC3) into thinking that the crappy drivers for the USB mic and onboard soundcard are actually good fast drivers, but sometimes tricks don't work.
my best advice is still to get a good USB soundcard and condensor mic when you can afford it even if this does reduce your latency. you'll be far better off in the end.