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You shouldn't need to use a wave editor to allow you to hear what's going into your audio interface "live" as it were. It'll just be a setting somewhere - in your PCs audio mixer (not sure if you get Windows mixer replaced by an M-Audio one or not when using the Audiophile, but the procedure should be similar even if you do) double click on the speaker icon in your system tray, and you should see a mixer application appear. One fader should be labeled "line in" or similar. If there is, make sure it's unmuted and turned up. If there isn't, go Options > Properties, adjust volume for playback, tick line in, and ok it. The line in fader should now appear, make sure it's unmuted and turned up and you should be able to hear whatever's going into your interface.
Hope this helps,
Andy
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