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These are the preference options if WaveRT mode is selected on the Sound Device Preferences. WaveRT stands for Wave Real Time. (WaveRT is not available on Windows XP.)
Choose a sample rate that the device supports. Higher sample rates will result in higher quality but use more disk space and CPU.
Choose the number of bits for one sample.
Adjust the number of milliseconds of latency that you'd like. Lower numbers are better for performance. However, as you lower the latency, you are also increasing the potential for audio gapping or non-continuous audio.
WaveRT is the preferred driver. Make sure that you have the latest drivers for your sound device. Also, contact your sound device manufacturer to see if the audio drivers support WaveRT properly.
For Windows 7 and above, you have the option of running Mixcraft in Exclusive Mode. This will take over exclusive control of the sound device. Adjust the latency down to 3 milliseconds!