Thanks for putting that info together, Erica.
I'll do this in the order of your list.
(1)
Computer specs
Your processor speed is ok. I'm not going to say you wouldn't benefit from dual core or higher, but we're not trying to build you a gaming computer. You should do fine with your processor's handling of Acid.
Your RAM, however, needs some help. Even if you didn't record on your computer, you'd be far better off with at LEAST 1 gig of RAM. But especially (and this ties into your latency problems) that you record on your computer, you can be sure that a good portion of your issues are a result of only having 512MB of RAM.
Recommendation:
Since your computer (and I checked) has 2 sticks of 256MB RAM, it'd be best for you to buy two (of the same type) sticks of 512. You have four DIMM slots, but I didn't look into your motherboards' specs to determine whether your computer is equipped to handle more than 1 or 2 gigs of RAM. I venture to say you could handle 2 gigs, but I don't see you needing more than a gig for your specific application. I'd recommend 2 gigs, but I think you could get away with 1. Either way, two 512MB sticks are dirt cheap. But if you want reliability, look into Corsair or Kingston. Just make sure that the type of RAM is the same as the RAM in your computer, which you should check before buying more RAM. (See notes at the end regarding technical questions)
(2)
Sound Card:
7 letters: UPGRADE.
It's not a question... you WILL benefit from having a recording dedicated sound card. After looking around, this is probably the best decision for you:
Lexicon - Lambada
If you're looking to pay something less, then you could always grab one of these:
Lexicon - Alpha
Thing is, you're obviously not trying to outfit yourself with a high-end studio. You just need gear that's going to allow you to do what you need to do without any problems, and still do it better. The above two options will do that, and they do it very cheaply. I spent a lousy 600 dollars on my audio interface, but honestly, I barely use half of its capability. I would advise that you get what you
need, regardless of any other audio snobs who may scoff at the notion that you'd buy anything but the best and most expensive gear available.
(3)
Settings:
B. No, don't worry about this. It's basically delay compensation and it is crap if it's totally relied on. Since you'll hopefully be getting an acceptable sound card and upping your RAM, this shouldn't be an issue. Even if you were to experiment with delay compensation, and you might get ok results, you're going to be hard pressed to get consistent ones, because delay compensation only works well when it's not in constant demand. And of course, it relies on your RAM, so just leave it is for now.
C. Track Buffering simply means that it will store the track audio in a particular amount of RAM so that your playback of them is more smooth and with less drop-outs. Obviously this is a situation you'd need to think about. Which is more important, Quicker operation and results? Or smoother playback of audio?
You'll find that if you increase the number on the buffer slider, you'll get less audio drop-outs and more consistent audio (but this only relates to playback, aka, you monitoring it... NOT the actual recording).
If you decrease the number on the buffer slider, you'll have less latency when recording into the tracks, and you'll have less delay between actions composed via MIDI and especially between recorded audio and MIDI programmed synthesizers and drums in the program.
F. Microsoft Sound Mapper is a disgustingly horrible excuse for a sound driver. So is the other one. Choose ASIO. It's the standard. ASIO drivers, which you apparently have, are usually the best reacting drivers with most of today's DAWs. Sony's Acid should have no problem utilizing ASIO. But really it's not up to Acid, it's up to your sound-card. I can't speak for yours, but if you get a recording sound card, you'll want to use ASIO, no doubt.
(4)
Microphone:
I won't get into a big spiel about the importance of quality microphones, but you obviously need something that will be able to effectively pick up close vocals without picking up too much of the background. The industry standard is a Shure SM58. Not extremely expensive, but it will last you a lifetime. Look into that. Plus, it's dynamic, so you don't have to worry about phantom powering or anything like that. It would be completely compatible with the sound-cards I mentioned. (as they have their own pre-amps)
(5)
Other:
Looks like you've got a lot of other sources waiting to be recorded. But you apparently know the concept of tracking, so just to let ya know, you can record all your instruments with the simple setup I've outlined.
You might eventually outgrow Acid, but for the time being, it will allow you to achieve what you're trying to achieve.
I hope this has been helpful.
Also, if you have any technical questions regarding the purchase or installation of particular computer parts related to my recommendations, please do not hesitate to ask.
Thanks,
J.