.01 may be an exaggeration

it sounds crazy but I do detect very small latency
i am known to do very quick stabs
http://www.youtube.com/watch?v=NiYVMISehpA
and that is not on a good day

I can do it with regular records but not serato. Besides that specific technique the serato latency is not detectable at all so I figured this is less than a second but easily noticeable, much more than serato. I also don't know of other people who can detect serato latency but it's with those kind of stabs. I'm not great but other people don't do that. It's crazy but I pick up on it
Good news
I tried windows sound recorder, and it did work
So I installed an old version of the software I was trying to use
It has problems with some compatibility
but I can still manage to make it record so I can use that
The latency is there regardless
I guess it's just a windows 7 set back
It wasn't my entire reason but XP media center does not work with any midi/usb devices. 7 does midi but the recording issues are annoying
it's funny because XP home edition on my desktop from 2002 handles everything
no problems
I think I need to buy that for my laptop
If I ever figure out a solution to any of these problems I'll come back
I had the RTM one a few months ago on my desktop (long gone now). I never really got into recording with it. I'm not sure if it had the same problems
I've only had 7 for a few days so hopefully after messing around with it more I can figure out what the problem is.
I could mute it but with XP, I could line in and line out to my speakers or bridge it between things because it had no latency
I also just realized, even if any audio editing software will function.
I can't edit audio because I need to match the audio going in with the audio playing
it just will not work if it is off
I can't accept that loss just because it's 7 and that is how it is