Something is not right here, although I don't run anything like a software synth, with my PIII, 800 Mhz, I can record around 15 tracks of Audio with around 23ms latency.
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Tried KX > settings > setup buffers but no alterations seem to make any difference at all, even when I make them huge
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Are you using MME or ASIO? If using ASIO, what is the latency set at? Settings->ASIO control panel