In order to reduce the latency, you need to get an ASIO driver that is compatible with your sound card. There are some 3rd party ASIO drivers available for the older SB cards, although I don't know where to find them. Maybe someone else will answer here for you. Otherwise, run a search in this forum for Sound Blaster ASIO. That should help you out.
Then go into Devices --> Device Setup --> VST multitrack and select the ASIO driver. If worst comes to worst and you can not find a compatible ASIO driver, you may have to use ASIO multimedia driver (I'm pretty sure this is better than the ASIO DX driver). That should sort out the delays you are experiencing.
Hope that helps.
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