Hi,
latency depends from software.
I suggest you to uninstall Adobe Audition/Cool Edit. It's a good program to start with mutlitracking or to manipolate single files, but it isnt good if you use real-time effect or vst plugins. I used it for 3 years but 2 years ago i decided to use Cubase. I tried other programs as Mackie Tracktion 2 (very user-friendly), but i prefer to keep up performance with Cubase. Of course you must have a good audio card wich supports "special" audio drivers (for example Creative audio cards use ASIO driver for very low latency), in fatc requires a Creative Sound Blaster Audigy 1 or best. I've got an Audigy 1 and it works fine, but there are many card that works fine as external cards USB or FireWire (edirol, Motu, yamaha, beheringer, terratec, m-audio...). Dont worry because a good internal audio card doesnt cost very much.
So destroy that sofware
and install a better one.
Bye, and good music.
