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There is a delay when i record

I use Cakewalk music creator 2003. When i try to record something, i can hear it through my computer speakers but it is delayed. When i try to record another track, it isn't on time because of the delay. I tried changing the latancy on the options audio, but when i record, it stops recording after about three seconds or so. It says drop out. If anyone can help me please do.