Hi,
It sounds like your not using ASIO drivers for your M-audio or you're using the Magix generic ASIO. Go into playback parameters and set your driver the the M-Audio ASIO.
If that does not work download the ASIO4ALL driver from asio4all.com
...also remember to keep your input levels low. You may be experiencing clipping. It's always better to record low and boost your gain later. You'll get a cleaner, better recording.
Justin