i want to know what is the correct method of direct recording electric guitar. in my case i ve the following equipment.
TC konnekt 8 sound interface.
Genelec monitors.
pentium 4 --3ghz
1gb ram.

i just want to go direct through the konnekt 8 for recording electric guitar or bass guitar. what are the things i should be aware of like what should i select in the IO fields of a wave track.
in my case the menu appears "I" is TC Near (2in,2out) then its sub menu

left TC Konnekt8 08400ab3 mic |inst|
right TC Konnekt8 08400ab3 mic |inst|
Stereo TC Konnekt8 08400ab3 mic |inst|
left TC Konnekt8 08400ab3 coaxial L
right TC Konnekt8 08400ab3 coaxial L
Stereo TC Konnekt8 08400ab3 coaxial L

and for "O" its
TC Konnekt8 08400ab3 line 1 | main
TC Konnekt8 08400ab3 coaxial L

Sonar is using Asio drivers so latency is 2.9ms
IO buffer size is 128
bit rate is 44100 (although more is available)

are these settings ok.

what is meant by recording something mono or stereo and what is it done for i.e vocals or instruments ?