what program ARE you using?? i have no end of troubles with audacity... i don't know if it's me, my audiofire 2, or the software but i can't record into it.. most likely me... i was recording today into logic fine though...
as palm said though, it couldn't be simply peaking? i'm sure you would have tried this already tho...
i don't often record so can't be of much help, sorry rann 
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