My trial version of Music Maker plays all the sounds in real time except for the keyboard. I hear the keyboard in playback only. Is it not compatible with Win 7 perhaps?
Are you running your keyboard through a mixer before it connects to the computer? I use an 8-channel Yamaha MG82cx mixer. Each instrament feeds into the mixer then one output channel goes to the Audio input on the computer while the main output goes to the amp. The computer output feeds into one input channel on the mixer so I can hear real-time while recording.
I have never tried to get MM to play back in real time without an external mixer. It is asking a lot from your computer to process input and output in real time